Switzerland

Is Switzerland Thinking About Creating its Own Cryptocurrency?

As we know, there are several countries all over the world that are working in order to create their own cryptocurrencies. We can now add Switzerland to the list. Apparently, in an effort to maintain its status as a cryptocurrency-friendly country, the intention is to create a virtual currency known as e-franc.

Switzerland and its own Cryptocurrency

According to the Swiss stock exchange chairman Romero Lacher, Switzerland may issue a cryptocurrency version of the Swiss franc. In this way, the economy would receive an economic boost and would bring several other benefits.

Switzerland
Swiss Flag

“I believe there would be a lot of upsides, we would be strongly supportive… An e-franc under the control of the central bank would create a lot of synergies – so it would be good for the economy. I don’t like cash,” commented Mr Lacher to the Financial Times.

But not all the economic actors share the same opinion. The Swiss National Bank believes that there is “no need” for a crypto franc in the country. For the bank, there are no specific issues behind cashless and cash-based transactions in Switzerland that would be solved by issuing a digital currency.

The opinion of the Swiss National Bank does not change Switzerland’s position in the international stage as a crypto friendly country. Finance minister Johann Schneider-Ammann has publicly said that Switzerland wants to become a “crypto nation.”

Some ICOs have been backed by the government. They receive tax exemptions if they are located in specific places and they work in a friendly regulatory framework. Additionally, the country offers political and economical stability, something important that crypto enterprises analyse before establishing their headquarters.

Furthermore, cryptocurrency mining companies like Bitmain, have been established in Switzerland. There are some arrangements made with the government in order to pay less for electricity consumption and the country has considerably low temperatures in the winter season.

Other countries that are thinking about their cryptocurrency are the United Kingdom and Russia. At the same time, Venezuela has launched its virtual currency known as the Petro and is thinking about issuing a new one known as Petro-gold.