November 21, 2019

FINMA: Payments on a Blockchain

Finma has determined that payments via the blockchain must still be accompanied by an "address slip". The reaction in the industry is mixed. What is certain, however, is that the supposedly cheap method of payment will become more expensive.

Finma now applies the so-called "Reiseregel" for all transactions with crypto currencies, which already applies to classic bank payment transactions. The rule states that the information on the ordering party and the beneficiary must be transmitted together with the payment order. According to Finma, the receiving financial intermediary can check the information on the sender and, for example, compare it with sanctions lists.

The Authority justified the new practice with the technology neutrality of supervisory law. Technology neutrality thus becomes a cover for a practice that actually discriminates against technology.

Latest Articles

COVID-19 and the Systemic Challenges of our Financial Order

March 20, 2020

Bitcoin: Security or not?

February 11, 2020

Capitalism after Satoshi

January 24, 2020

Bitcoin-Halving: Is it Priced in?

January 11, 2020

Boosting a vicious cycle of interventions

December 19, 2019

Jill Carson on Mainstream Adoption

December 13, 2019

Africa: Leapfrogging with Bitcoin

December 4, 2019

Bitcoin: End of Year Volatility

November 25, 2019

China: 39 Exchanges Banned

November 22, 2019

Ethereum Istanbul Upgrade

November 20, 2019
The latest in financial technology. 
Read