Prominent Swiss think tank Avenir Suisse (Swiss Future) has urged the Swiss National Bank (SNB) to start working on a national cryptocurrency in its most recent report, ‘Blockchain After the Hype’.
The report suggests that the issue of an SNB franc token be issued as part of the pro crypto alpine nation’s blockchain push to simplify and expand global market possibilities. The report stated that a national state-controlled cryptocurrency would:
Switzerland’s stance on cryptocurrency is well documented, as is their history as a financial haven for the storage of funds away from traditional banking systems. The push now is to join Malta in becoming a blockchain nation, currently exemplified by the country’s leader and model in all things blockchain, the small town of Zug.
Avenir Suisse commented that the small nation as a whole could live up to the crypto haven tag often aimed at Crypto Valley’s Zug: “If it manages to position itself internationally as a pioneer in trading tokenized securities, Switzerland will be able to expand its relatively small capital market.”
As with many countries, regulations need further focus at government level in order to guide the country through adopting such a leap towards a national stablecoin. The report argues: “Essentially the law should be changed only in areas where it’s not yet DLT-compatible. But these changes have to be made as soon as possible.”
As a precursor to the G20 summit in Osaka, Japan on 28 June, the 36-member countries of the Financial Action Task Force (FATF) which includes the powerful European Commission, held its annual Private Sector Consultative Forum in Austria earlier this month in order to also find some common ground on cryptocurrency.
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