The head of the Swiss stock exchange Romeo Lache said in his interview with Financial Times that his country would benefit from its own cryptocurrency E-Franc. The crypto itself would, by Lacher’s words, be backed by the Swiss central bank that may boost the local economy as well as electronic payment systems which were increasingly replacing cash. “I believe there would be a lot of upsides, we would be strongly supportive,” he said. He also noted that he is not very fond of cash and that E-franc would give the country a competitive lead.
Switzerland has been one of the more progressive countries in Europe when we talk about cryptocurrency, so these announcements aren’t surprising. They were also first in Europe to regulate ICOs.
It’s possible even to pay taxes in Bitcoin
In January this year, the major of Swiss municipality of Chiasso announced that the municipality is going to let residents pay their taxes in bitcoin. The decision to accept bitcoin payments took shape after Chiasso mayor Bruno Arrigoni met with cryptocurrency experts and blockchain companies, as well as local entrepreneurs, from the region.
Half a year ago, Swiss National Bank chairman Thomas Jordan in Thursday spoke on digital currencies, claiming Bitcoin and other cryptos are more of an investment as opposed to a currency. “Central banks are working on the issue of crypto currencies very intensively. I would look at them more as an investment than a currency.” He also added he considers very important to say it is not question of technology, but a “question of who has access to central bank money and in what form. There are up to now many unsolved questions.”
Switzerland has already became some sort of sanctuary for cryptocurrencies. Zug, a town in Switzerland, has become known as the Crypto Valley, and is hosting multiple crypto-related projects such as Ethereum, Bancor, and Tezos.
However, now Switzerland is definitely not the only one country wanting its own cryptocurrency.
E-Franc comes after last week Venezuela released its coin, Petro, backed by the country’s oil reserves. President Maduro then said that this should be treated as an “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”