UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses, in a shotgun merger engineered by Swiss authorities on Sunday to avoid further market-shaking turmoil in global banking.

Dominant digital currency bitcoin should not be allowed to become the Swiss bank account of the modern era used to hide illicit activity, Treasury Secretary Steven Mnuchin said Friday.