Europe’s Crypto Updates: Swiss Bank Offers Bitcoin, AI Treaty Signed
Swiss bank ZKB launches Bitcoin services, while the EU, UK, and US sign the first AI treaty in a week of major crypto and tech developments across Europe.
Key Crypto Developments Across Europe
This week's Europe Crypto Roundup delivers important updates from various regions in Europe, underscoring the fast-paced developments in the crypto world. One of the standout stories is the launch of a new crypto service by Switzerland’s Zürcher Kantonalbank, among other notable news items.
These updates reflect the dynamic regulatory environment and significant shifts in the market across the continent. From Germany to the UK, Europe continues to play a vital role in shaping the future of cryptocurrency.
Germany: Police Warn of New Bitcoin Scam
The Bavarian State Office of Criminal Investigation (LKA Bayern) has issued a caution about a new Bitcoin scam. Fraudsters are leaving plastic bags in public areas around Munich, containing fake Bitcoin wallet codes and payment receipts. These bags, placed in visible locations like parks and streets, aim to deceive victims into believing they’ve found Bitcoin worth 10,000 euros.
Victims are tricked into scanning a QR code that leads to a fraudulent website. The site promises a payout in exchange for a small fee. However, no payout is made, and the victim loses their money.
Authorities warn that scanning the QR code might be considered an attempt to commit fraud, and those affected could face legal consequences. LKA Bayern urges people to report any suspicious bags to the police immediately. No suspects have been identified yet, and the distribution of the fake Bitcoin wallets seems random and untraceable.
Switzerland: Zürcher Kantonalbank Enters the Crypto Market
Switzerland's Zürcher Kantonalbank (ZKB), the fourth-largest bank in the country, has announced a new service allowing its clients to buy, sell, and store Bitcoin and Ethereum. This service, launched in collaboration with Crypto Finance, a digital asset broker owned by Deutsche Börse, will be accessible through ZKB’s Mobile App and eBanking platform.
The bank has a strong track record in the digital assets sector. In 2021, ZKB was part of the firstdigital bond issuance on Switzerland’s SIX Digital Exchange (SDX). With this latest offering, retail customers can trade Bitcoin and Ethereum without the hassle of managing their own private keys, as the bank will handle key storage securely.
In addition, other Swiss banks are expected to adopt this service. Thurgauer Kantonalbank is the first to join, providing cryptocurrency trading and custody to its customers through ZKB’s platform.
EU and UK Sign First International AI Treaty
In a historic move, the EU, UK, and US have signed the world’s first international AI treaty on September 5. The treaty focuses on protecting human rights and ensuring AI systems are held accountable for any harm or bias they may cause. This agreement marks a critical step toward regulating AI technologies.
Although penalties, such as fines, have not yet been introduced, the treaty sets important standards. The European Union is already ahead in AI regulation with its AI Act, which came into effect in August. This law aims to regulate advanced AI models with significant computing power, ensuring they are used responsibly.
Some tech companies, like Meta, have raised concerns that the new regulations are too strict and stifle innovation. Meta has even halted the release of some AI products in Europe due to the stringent rules. Despite these complaints, the EU continues to lead the way, setting an example for how AI technologies can be developed while maintaining ethical standards.
France: Rouen Supermarket Accepts Bitcoin Payments
In a growing trend of crypto adoption in France, a supermarket in Rouen has started accepting Bitcoin payments for groceries. The supermarket, Carrefour Express, allows customers to use Bridge Wallet, a Swiss app similar to Revolut, to make fast and affordable crypto payments via the Lightning Network.
While this is a first for Rouen, several hundred businesses across France now accept cryptocurrency payments. Paris, Lyon, and Nantes lead the way, with major establishments embracing digital currencies. For example, Lyon hosts several initiatives promoting Bitcoin adoption, making cryptocurrency more accessible for everyday transactions.
As more cities and businesses follow suit, France is rapidly moving toward a future where cryptocurrencies are integrated into daily life.
