Switzerland did it again!
While politicians and pseudo experts in many countries do not understand the power and technological aspects of cryptocurrencies and the underlying technology (blockchain), Switzerland goes on and puts the puzzle pieces together in order to get the full picture.
Instead of finding lame and nonsense excuses because of a lack of basic understanding, Switzerland deep dives into the topic and makes the best out of it while a part of the financial industry put their heads in the sand in hope the crypto storm will end – But it has just begun.
The world’s first Crypto Conference has taken place in the five-star Suvretta House in St. Moritz from Wednesday to Friday. One of the speakers was Federal Councilor Johann Schneider-Ammann. According to the Federal Council, the Crypto Conference St. Moritz and the crypto finance industry fit very well with Switzerland. The head of the Federal Department of Economics, Education and Research gave three reasons to support this statement.
Blockchain can be regarded as a “technological idea” of the Swiss state concept. The driving idea behind Blockchain is a combination of freedom and security, independence and decentralization.
The Canton Zug which is also known as “Crypto Valley” became the home base to a several blockchain companies such as the Ethereum Foundation, supportorted by local governments and now also the national government. Switzerland is also not part of the EU, which gave the country the chance to keep its neutrality, sovereignty and independence, which are valid reasons that made Switzerland attractive not only to blockchain or cryptocurrency oriented companies.
The head of the Federal Department of Economics stated:
“Now we have arrived at an innovative moment in the financial world. Cryptocurrencies are part of the fourth industrial revolution. We look at what possibilities can arise from it.
For my part, I try to identify the opportunities, the risks and the opportunities, and decide: Is this a future business with future jobs or is it not? That’s why I support the circles that deal with it.”
“The Canton of Zug, the Cryptovalley, has come a long way. There we can gain experience. If the experiences in Zug are positive, we can extend that to the nation. Therefore the statement: It does not need to stay with Cryptovalley, it should become the crypto-nation.”
“We have to find answers to that, sooner rather than later,” said Schneider-Ammann. Among other things, he supports the establishment of a blockchain task force. The minister also added, it is too early to regulate cryptocurrencies as the experience is too low and it is not clear what direction the innovation might go.
The support for cryptocurrencies might lead into a conflict of interests to France with the French Minister stating regarding bitcoin (pretty “smart”): “I don’t like it.”
Even worse, Germany (Angela Merkel) and France are proposing regulations on the next G20 summit or in other words: “The ones, Europe can be thankful for chaos, fail of leadership and a lack of democracy and simple basics”, might come up with new disasters! Instead of investing, supporting and understanding the great opportunities, France and Germany might lead to chain their competitors with silly arguments and as usual -> not understanding what they are talking about.
The leadership position on cryptocurrencies is still open to discuss. Switzerland is a contender as well as the UK with London, so there is still hope on the horizon.