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A Swiss Federal Counselor: We Should Become a Cryptonation

Johann Schneider-Ammann, the head of the Federal Department of Economic Affairs, Education and Research of Switzerland, thinks Switzerland should become a cryptonation. During the Crypto-Finance Conference 2018, held in St. Moritz, the federal counselor revealed that plans are being made to convert the country into a cryptonation in the next five to ten years.

One local media from Switzerland made an interview with the counselor Schneider-Ammann on this topic and he explained that if the project that is currently being developed in the canton of Zug brings satisfactory results, it should be extended to the rest of the country as well.

Schneider-Ammann said: “The canton of Zug, the CriptoValle, has come a long way. This serves us to gain experience. If the experience in Zug prove to be positive, we can extend this to the rest of the nation. We should not limit ourselves to the CriptoValle, we should convert ourselves into a CriptoNation.”

When it comes to the blockchain technology, the counselor added: “The country is famous for innovations. Now we have reached an innovative moment in the financial world. The cryptocurrencies are part of the fourth industrial revolution. We shall see what possibilities could come with the new technology. As for me, I try to identify the opportunities, risks and possibilities, and decide: Is this a future business with future jobs or not? This is why I support the cycles dealing with this technology.”

Schneider-Ammann also said he was open to the new blockchain technology more than some other people from the financial world, but he also said it was necessary to be conscious about the risks that come along with the cryptocurrencies. Nevertheless, he is not supporting measures that can stop the early development of this technology: “The currency, if I may say so, is obviously not stable yet. There are risks, without any doubt. Only the people familiar with the functioning of the financial markets and who can permit themselves to fail should consider this topic. We are in an initial phase with special risks, but if we are not prepared to take risks, we will create any opportunity. And I want to help create opportunities.”

The counselor advises to pay attention to the warnings launched by the affected circles, as well as enthusiasts and then make your own conclusion based on the two perspectives.

According to Reuters, the country formed a team dedicated to the investigation of the blockchain technology and the Initial Coin Offerings (ICOs). The team is formed by the Ministry of Finance, the Swiss Financial Market Supervisory Authority (FINMA), the State Secretariat for International Financial Matters (SIF) and the Federal Office of Justice (FOJ). The team should present the results of its investigation to the Swiss government at the end of this year.

The counselor Schneider-Ammann said he expects this team will look at the blockchain technology from a critical point of view and show the direction in which the country should go.

Chiasso, a town in Switzerland, started accepting bitcoin as a method of payment of taxes. Last December, St. Moritz announced the tickets for the tourist complex in the town could be paid with bitcoins. Moreover, Bitmain recently announced the construction of its headquarters in the CriptoValle in Zug, in order to expand its mining services in the region.

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