Swiss Banks Set to Welcome Cryptocurrencies
Businesses in Switzerland are urging the Swiss Government to permit the banks in their country to welcome the option of the crypto transaction system. Switzerland’s Zug is already famous for being known as the crypto valley and the country is continuously striving towards developments in the crypto domain.
Crypto and Swiss Banks
If cryptocurrency is accepted by Swiss Banks, then they might break the crypto dominance of Malta and Singapore and be at par with the other crypto dominated nations. Such nations are attracting funds in large volumes and have built an ecosystem for crypto transactions.
The laws in Switzerland are custom-made for the easy adaptation and use of crypto in the Swiss economy. But the banking laws currently in operation are trying to limit such adaption as they strictly want to follow the traditional transaction system and hence, are not able to match the expectations of the crypto industry.
The biggest roadblock for Switzerland to allow the use of cryptocurrencies is the fear of money laundering. The problem has to be resolved effectively and as quickly as possible to allow the growth of the crypto industry. Zug has adopted various technologies to take the initiative of developing crypto forward. It has recently announced the success of blockchain technology in voting systems.
“We hope to clarify relationships by the end of the year at the latest. Time is pressing – other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.” said Heinz Tannler, Finance Director of Zug Canton, in an exclusive interview to the economic publication.
Switzerland – A nation known for Traditional Banking
The Heaven on Earth, Switzerland, is an established nation for traditional banking as a large number of local as well as global institutions have set up their operations in the Alpine nation. It has a developed ecosystem for banking, required infrastructure and talent pool for optimized banking in the region.
Not just traditional banking, the philosophy of cryptocurrency is a part of the banking culture in Switzerland. Hence, the authorities of the country have to accept the digital currency processes considering the potential and volume of such developments.
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