Cryptocurrencies ZKB's entry into the crypto business causes displeasure in parliament

Zurich Cantonal Bank ZKB must "get out of the cryptocurrency business immediately". This was demanded by the AL in the cantonal council on Monday.

The reason for the demand from the left is the "exorbitant energy consumption" of Bitcoin, as Manuel Sahli (AL, Winterthur) said in a parliamentary group statement.

ZKB is obliged to contribute to the cantonal climate targets. "Trading in Bitcoin is diametrically opposed to this goal". However, this parliamentary group statement has no direct impact.

The Zurich state bank announced last week that it would now also be entering the crypto business. ZKB customers can now buy Bitcoin and Ethereum and hold them in ZKB accounts.

Other cantonal banks such as the Zug, Lucerne and St. Gallen cantonal banks have been offering services for cryptocurrencies for some time now.

SDA