 This week saw not only ups and downs of the crypto market, but also ups and downs of the world cup, but Spain, Argentina, and Switzerland all knocked out. However, England, Sweden, and Russia are all through. We also celebrated the 4th of July this week, like former American Roger Ver, who sarcastically celebrated America's independence day from his new home in St. Kate. Ver renounced his American citizenship after the US government convicted him of selling explosives, a.k.a. fireworks online. I'm Molly Jane Zuckerman. This is Lake Zug in Switzerland's crypto valley, and this is your Hodler's Digest. In Switzerland, they had brotherly love. They had 500 years of democracy and peace, and what did that produce? The cuckoo clock. It's a long holiday. Well, not anymore. Switzerland has come a long way since the 40s. Apart from chocolate and cuckoo clocks, it is now home to over 200 blockchain companies located in and around Zug. Welcome to the crypto valley, the crypto capital of Europe. Even its mayor, Dolphine Mueller, is such a big believer in crypto and blockchain that the city held the municipal vote on the blockchain last week, which turned out to be a huge success. Switzerland wants to follow in the footsteps of Malta and Singapore, two countries that have taken significant steps in becoming more crypto friendly. Earlier this year, Switzerland's economics minister said he wanted his country to become the crypto nation. You can already pay rent in crypto, buy wine, and purchase glasses for Bitcoin and Zug. However, many in the industry question just how serious the Swiss government is about removing the obstacles faced by crypto and blockchain-related companies. Not a surprise among cryptophobic nations like India or Finland, but Switzerland is meant to be a leading light in the industry. Heinz Tanler, finance director of Zug, believes that in the coming months, crypto and blockchain-based companies will have access to normal banking services just like any other business. He describes Zug as exceptionally economically liberal. In the meantime, some companies have been running their banking operations via the Virgin Islands and Liechtenstein. Last year, Switzerland raised $900 million from ICOs, ranking second active in the US. The Tezos ICO, currently in serious legal trouble, raised $232 million alone. And on Friday, 6th, the owner and operator of the Swiss Stock Exchange announced that it would be launching a cryptocurrency platform next year. While Switzerland may not be a world leader in soccer, there's still hope for it to become a world leader in crypto. The Bank of Fuddland, I'm sorry, the Bank of Finland, called cryptocurrencies a fallacy with zero value. A scathing report on cryptocurrencies attempts to explain why crypto and blockchain are accounting systems for non-existent assets and unrelated to the fundamental characteristics of money. The report then goes on to compare the desire to buy cryptocurrencies with the same intangible value as buying toys or firearms, noting that other reasons could include criminal activities and security against real or imagined state oppression. Well, that's it, Finland. You know what else is a fallacy? Santa Claus. Lapland is a joke, flying reindeer? More like fly agaric, if you get my meaning. With England safely in the quarterfinals, we thought we'd bring you some crypto stories from across the pond. Meet Bitmex exchange co-founder Ben Dello, who is reportedly Britain's youngest crypto billionaire. The 34-year-old Oxford graduate who founded Bitmex in 2014 would rather keep it humble, though, telling reporters this week that he prefers to give his money away to charities following in the footsteps of his idols, Warren Buffett and Bill Gates. Bitmex is currently one of the largest derivatives crypto exchanges in the world with a daily transaction volume of around $2.4 billion. You might also be interested in a conservative MP in the UK who thinks the blockchain will lead to increased social freedom, trust, and make government savings more efficient. Eddie Hughes put his name to a paper, Unlocking Blockchain, embracing new technologies to drive efficiency and empower the citizen. He wants to set up a UK blockchain hub to develop British entrepreneurs and attract foreign investment. The paper argues for the appointment of a Chief Blockchain Officer. In other news from the UK, a Treasury Committee listened to experts on crime and crypto. Three main areas were expected to be discussed. One, large-scale attacks, phishing, or scams targeting individual investors. Two, hacks on exchanges in companies. And three, ICO fraud. This week, England proved to be surprisingly adept at penalties. Even the Treasury Committee must be in a good mood. So fingers crossed for no China-style crackdowns and that the good mood prevents hodlers from being penalized. Now time for your crypto world cup quiz of the week, which former England soccer player will never sell his Bitcoin? I'll give you five seconds. One, two, five. Time's up. Can't get it right? Blend hodl. This week, Russia got to the next stage, but it might be a while before Bitcoin does the same, according to the head of Spherebunk, Russia's largest bank. CEO Herman Greff said he could not yet foresee governments giving up their centralized role. He did, however, reiterate his belief that crypto assets will play a future role in the economy. Greff's comments reflect the broader regulatory uncertainty in Russia, as this week sees the deadline for new legislation which would define crypto as an asset and not legal tender. But there were reasons to be hopeful. Last month, Spherebunk revealed plans to launch a crypto-based investment fund. However, Greff did admit recently to a Russian news outlet that he wouldn't recommend buying crypto, comparing it to gambling. It has been speculated that countries under sanctions like Iran, Venezuela, and, of course, Russia are into crypto purely to circumnavigate sanctions. But crypto can be a great store of value for private citizens when the economy tanks. So for the sake of Russian citizens, let's hope they don't score any more own goals. Let us know in the comments who you think is the true crypto nation And as always, like, hodl, and... Wait, Roger, what are you doing? Subscribe. I don't like acting. Subscribe. Subscribe. Subscribe. Subscribe. Subscribe. Subscribe. Subscribe. 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