The Swiss banking group UBS will not support trading cryptocurrencies, or derived from them tools and offer its customers investments in bitcoin.
«UBS believes bitcoin is a speculative asset, and does not advise its clients such investments», — said the Chairman of Swiss holding company Axel Weber (Axel Weber):
«Our customers are divided into institutional and retail. First – know what you are doing, and have sufficient expertise to assess risks,» — said the former President of the Bundesbank.
Retail customers do not have sufficient knowledge and the ability to assume the risks of investment in digital assets. In this context, Weber recalled the criticism being experienced by banks for the sale of clients with complex financial assets without the full explanations associated with such shopping difficulties.
The Bank does not restrict institutional clients to trade cryptocurrency, although Axel Weber warns about the risks of such investments.
Earlier, the Chairman of UBS have already talked about the insolvency of bitcoin to perform the functions of a full-fledged currency. His colleague, investment Director Bank holding company mark Havel (Mark Haefele) holds a similar opinion.
«Bitcoin has not yet gained critical mass to be considered a viable currency.»