- Due to its crypto-friendly regulations, a lot of crypto and blockchain companies prefer Switzerland.
- The country now has a new division of its federal government working to make sure that the crypto sector moves in the right direction.
- The idea was of decentralization in Bitcoin’s whitepaper, but that’s not the ecosystem we see, highlights Nino Landerer.
Switzerland is a country that’s carrying out its best efforts to aid bitcoin’s reputation. The country consists of a town of Zug that hosts Crypto Valley, a region that borrows part of its name from Silicon Valley in northern California.
As Switzerland has some crypto supportive regulations and low taxes, several crypto and blockchain firms prefer the nation.
And now the country has a new division of its federal government working to make sure that the crypto sector moves in the right direction.
According to Nino Landerer, the head of capital markets and infrastructure at the State Secretariat for International Finance (SIF) who highlighted her views in an interview, much of the ecosystem you see flourishing not just in Switzerland, but also other countries is apparently going against the original idea of the crypto-anarchists.
The original vision for Bitcoin was to have a fully decentralized system where everyone manages their keys and no one trusts anyone, but they can all verify everything. That was the primary idea in Nakamoto’s whitepaper, and few tech people believe in that basic philosophy, but that is not the ecosystem we
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Rather, we see a centralized ecosystem. We see service providers like banks that are providing services to clients, and their clients trust the banks, not the distributed ledger technology that facilitates making blockchains secure. So, it’s kind of building up a similar system to what we already have, it’s just based on crypto assets.
Switzerland has always been a country with a neutral approach toward digital assets. When the sector initially experienced huge bursts in popularity in the year 2017, the nation made several amendments to already-existing laws to make way for further innovation and growth in the industry.
Furthermore, Landerer highlights that these legislative changes didn’t come out of the blue. It was around 2017 that they became more salient, and the government decided it was required to do something.
And doing something doesn’t mean killing it, but embracing it to the extent that it can be useful while also making clear that it should not be the Wild West. You want to develop a framework to allow innovative business models and financial services but also account for the risks.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.