Switzerland

Switzerland Is Interested In Developing Its Own Cryptocurrency

Switzerland Wants Its Own Cryptocurrency

Switzerland is one of the most crypto-friendly countries in the world. In fact, it’s where 4 of the world’s top 10 ICOs have originated. Now, Dr. Romeo Lacher , the head of Switzerland’s Stock Exchange, has stated that there could be several advantages to having a national cryptocurrency. While discussing the country’s plans for its own crypto, Lacher remarked, “I don’t like cash…I believe there would be a lot of upsides, we would be strongly supportive.

Many other nations, namely Turkey and Iran, have also recently expressed an interest in developing their own, state-controlled cryptocurrencies. However, Switzerland might arguably be more equipped to handle such a project. That’s because, other than ICOs, the peaceful European country has been at the forefront of numerous new developments in the cryptosphere. Notably, the Swiss nation is not only where some of the largest ICOs have been launched, but also where local authorities have started to develop a proper regulatory framework for ICOs.

A Pioneer Of The Crypto Industry

In addition to starting the crypto regulations process, the country is home to the Crypto Valley Association (in the town of Zug), which is kind of like the crypto-equivalent to San Francisco’s Silicon Valley. Moreover, Finance Magnates thinks that Switzerland is turning into the “European capital for cryptocurrency.” Additionally, the country has been quite vocal about some of the more serious issues affecting the digital currency market.

For example, its town of Basel, a historic place with 40 museums, hosted a detailed discussion on recent developments in cyber crime back in January. This happens to be quite a pertinent issue when you consider that billions of dollars have reportedly been laundered with the use of cryptocurrencies throughout Europe. Furthermore, all sorts of other illegal crypto-related is increasingly being orchestrated, ranging from cryptojacking to hacks of several major cryptocurrency exchanges.

Few Details About Switzerland’s Own Cryptocurrency

While there are a number of concerns regarding the various illicit activities in the crypto-market, there are also quite a few positive things going on. As Lacher, who’s also the head of the Swiss Infrastructure Exchange (SIX) Group, a financial service provider operated by several major Swiss banks, says:

I think the strategic direction is good. But it’s like going into fog. You don’t know what you will see on the other side. Many mistakes will be made, but we will also learn a lot and I am sure, we will be successful.

These comments were mainly in reference to Switzerland’s plans to create its own cryptocurrency.

Generally speaking, Switzerland is known to provide a business-friendly atmosphere. It has also managed to take good care of its citizens, because it has a history of not meddling in the affairs of the nations. By “minding its own business”, the peaceful and world’s most neutral nation has managed to preserve its financial resources. These have largely been directed to maintaining the welfare of its local population, as is evident by its Human Development Index (HDI). In fact, Switzerland’s HDI is tied at second place with Australia, both behind only Norway.