Severfield Share Discussion Threads

[napoleon 14th] 22/4/2021 12:17

Good progress shown in today's TU.

[sarkasm] 22/4/2021 12:09

1.1029CHF
-0.0008-0.07%

[waldron] 19/4/2021 20:11

AXA Switzerland Activates Bitcoin Payment Option For Customers
Avatar

Author: Jimmy Aki

Last Updated: 17 April 2021

Switzerland’s biggest insurance firm AXA has activated a cryptocurrency payment option for its customers, thereby becoming the first all-line insurer to roll out the plan.
Pay Insurance Premiums with Bitcoin

The latest policy of the leading insurance company provides all private AXA customers with a Bitcoin payment option.

In this regard, AXA customers can effect payment for insurance premiums relating to non-life insurance products using their Bitcoin.

The insurance firm said that the policy will be implemented in collaboration with popular cryptocurrency broker Bitcoin Suisse.

However, the Bitcoin payment option allowance is not extended to life insurance because of prevailing regulatory barriers.

More importantly, the company explains that the incorporation of cryptocurrency payment options is due to the accelerated growth of the digital economy witnessed at the peak of the coronavirus pandemic.

Furthermore, the company cited its market research report in 2019 as another reason for adopting cryptocurrency.

It explains that the market report showed that a third of respondents between the ages of 18 and 55 had an interest in cryptocurrency.

Speaking on the development, Claudia Bienentreu, head of open innovation at AXA Switzerland, commented that the acceptance of Bitcoin payment underscores the company’s responsiveness to customers’ demand.

Under this new arrangement, customers can make online transfers with a unique reference number. Instructively, the amount owed in Swiss francs will be calculated in Bitcoin’s equivalent.

Interestingly, the company holds that customers will not bear the risk of unstable exchange rates because the specified rate will be provided.

Additionally, AXA is not charging customers using the Bitcoin payment option with any additional fees.
Management of Bitcoin Payment Option

The adoption of Bitcoin payment options by many companies across the world comes with different internal regulatory mechanisms.

For Switzerland’s leading Insurance company, AXA, the company has disclosed that it will not hold any Bitcoin on its balance sheets despite accepting the cryptocurrency as a payment option.

In this regard, AXA maintains the incoming Bitcoin will go into the hands of crypto broker Bitcoin Suisse.

While AXA does not charge any additional fee for using a crypto payment system, intending customers should bear in mind that Bitcoin Suisse charges a 1.75% commission regarding Bitcoin to Swiss Francs exchange rates.

On the other hand, the CEO of Tesla Inc., Elon Musk, disclosed that accepted Bitcoin used by customers to purchase its electric cars would be added to its balance sheet.

Musk added that the company would make use of internal and open-source software to facilitate the payment process.

Also, the company will operate its Bitcoin nodes to verify each transaction.

[waldron] 18/4/2021 09:35

EURCHF:CUR
EUR-CHF X-RATE
1.1026CHF
-0.0011-0.10%

[sarkasm] 16/4/2021 15:54

US no longer considers Switzerland a currency manipulator
Swiss National Bank
SNB foreign currency interventions last year were at their highest level since 2012.

The United States has removed Switzerland from its list of currency manipulators despite the Swiss National Bank (SNB) spending CHF110 billion ($119 billion) in the foreign exchange market last year.
This content was published on April 16, 2021 - 16:00 April 16, 2021 - 16:00
swissinfo.ch/mga

Reporting to Congress on Friday, the US Treasury Department saidExternal link it had “determined that there is insufficient evidence to make a finding that Vietnam, Switzerland, or Taiwan manipulates its exchange rate”.

However, the Treasury added that it would continue with “enhanced engagement” with Switzerland. “This engagement includes urging the development of a plan with specific actions to address the underlying causes of currency undervaluation and external imbalances.”

China, Japan, Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, and Mexico are also being closely monitored by the US for their currency practices.

The US labelled Switzerland a currency manipulator in December, but the SNB said this would not affect its monetary policy strategy.
Label

To earn the label of currency manipulator a country must have a minimum $20 billion bilateral trade surplus with the United States, foreign currency intervention exceeding 2% of Gross Domestic Product and a global current account surplus exceeding 2% of GDP.

The coronavirus pandemic put extra pressure on the Swiss franc as a safe haven currency last year. This caused the SNB to raise its foreign currency intervention to the highest levels since 2012.

At the end of 2020, the SNB’s total assets came to CHF999 billion, compared to CHF861 billion one year earlier. Total currency reserves stood at CHF962 billion at the end of 2020. The majority of these reserves (91%) was held in the form of foreign currency investments, the remainder in gold (5%).



swissinfo.ch.

[the grumpy old men] 16/4/2021 09:19

1.1011CHF
-0.0026-0.23%

[waldron] 13/4/2021 07:43

EURCHF:CUR
EUR-CHF X-RATE
1.0989CHF
+-0.0000+-0.00%

[maywillow] 11/4/2021 18:03

1.0999CHF
-0.0016-0.15%

[waldron] 09/4/2021 08:02

EURCHF:CUR
EUR-CHF X-RATE
1.1004CHF
-0.0011-0.10%

[sarkasm] 08/4/2021 16:26

1.1012CHF
-0.0021-0.19%

[waldron] 02/4/2021 07:43

EURCHF:CUR
EUR-CHF X-RATE
1.1090CHF
-0.0002-0.02%

[waldron] 01/4/2021 15:24

EURCHF:CUR
EUR-CHF X-RATE
1.1095CHF
+0.0025+0.23%

[waldron] 31/3/2021 07:48

EURCHF:CUR
EUR-CHF X-RATE
1.1054CHF
+0.0011+0.10%

[waldron] 26/3/2021 06:06

EURCHF:CUR
EUR-CHF X-RATE
1.1077CHF
+0.0016+0.15%

[waldron] 25/3/2021 07:08

EURCHF:CUR
EUR-CHF X-RATE
1.1062CHF
+0.0010+0.09%

[waldron] 23/3/2021 09:29

EURCHF:CUR
EUR-CHF X-RATE
1.1045CHF
+0.0028+0.25%

[waldron] 17/3/2021 06:47

EURCHF:CUR
EUR-CHF X-RATE
1.1021CHF
+0.0015+0.13%

[waldron] 16/3/2021 08:30

EURCHF:CUR
EUR-CHF X-RATE
1.1061CHF
-0.0004-0.03%

[ariane] 15/3/2021 08:44

1.1089CHF
-0.0023-0.20%

[waldron] 13/3/2021 10:30

EURCHF:CUR
EUR-CHF X-RATE
1.1112CHF
+0.0031+0.28%

[waldron] 09/3/2021 19:52

EURCHF:CUR
EUR-CHF X-RATE
1.1046CHF
-0.0049-0.44%

[ariane] 09/3/2021 11:00

1.1087CHF
-0.0008-0.07%