UBS CEO welcomes cryptocurrency advances but urges caution

Reuters

Published Jun 25, 2019 02:15PM ET

UBS CEO welcomes cryptocurrency advances but urges caution

ZURICH (Reuters) - Switzerland should welcome innovation in cryptocurrencies but needs to be on guard against potential abuses by criminals, UBS Group Chief Executive Sergio Ermotti told a panel discussion on Tuesday.

"On balance (a) positive development, but watch out," he said when asked how he felt about the new Swiss-based Libra cryptocurrency project led by Facebook (NASDAQ:FB).