On 21st June the Board Director of the Swiss National Bank (SNB) Thomas Moser said that blockchain technology and cryptocurrencies are too archaie for considering a digital currency for issuing a state-backed.
The Crypto Valley blockchain conference in Zug said, Moser compared the blockchain in its in present circumstances with the “useless innovation” of compact discs (CDs):
“Something similar has to happen with bitcoin. People will only switch to something new if it works better or is cheaper.”
It “looks very different from what it does today” said by Moser who has been appointed in board of Switzerland’s central bank in 2010, admitted the blockchain technology has potential. The current state given the current state of technology, Moser cannot envision an “e-franc” anytime.
Someday blockchain will “penetrate our entire economy” said by Swiss Federal Council Johann N. Schneider-Ammann who was also the member of that conference.The country does not know enough about the potential risks, of the country said Schneider-Ammann adding that expanding blockchain education is critical.
A center of Fintech, blockchain, and digital currency activities are conducted in the canton of Zug.Switzerland has been recognized as cryptocurrency and blockchain- friendly country in the world especially due to the “Crypto Valley” and according to a study by blockchain conference BlockShow Europe 2018, the Switzerland was ranked number one in a list of the top European countries for launching a blockchain company.
In the month of May, the government of Switzerland was requested a report by the Federal Council of the country on the risks and opportunities of introducing a government-backed digital currency. In February the idea to develop a national cryptocurrency by the chairman of the Swiss stock exchange SIX by Romeo Lacher is introduced as he said:
“an e-franc under the control of the central bank would create a lot of synergies – so it would be good for the economy.”