Switzerland is one such European nation known for its crypto-friendly policies. In a recent new development, Romeo Lacher, the chairman of Switzerland’s stock exchange has proposed for the creation of a Swiss national cryptocurrency ‘e-franc’ which would be backed by the country’s central bank and also help to boost the country’s economy further. –statement
Mr. Lacher said that “there would be a lot of upsides” having the country’s own national cryptocurrency that is completely state-administered and further stated that the Swiss Stock Exchange “would be strongly supportive” of this initiative.
He further added that “An e-franc under the control of the central bank would create a lot of synergies — so it would be good for the economy. I don’t like cash.”
However, Mr. Lacher has clearly mentioned that the stock exchange and its owners, SIX Group, in no circumstances will allow trading in cryptocurrencies. He said: “We have actually no plans to admit trading of cryptocurrencies or ICOs. But we see a lot of advantages for blockchain across our businesses.”
Mr. Lacher believes that by taking this initiative forward, Switzerland can establish itself as a forerunner and a leader in digital currency innovation and adoption. However, the Swiss National Bank has completely turned-down the offer from the stock exchange chairman clearly stating that the bank sees “no need” in developing a national cryptocurrency for the moment. The bank also said that the existing digital cashless services and cash payment systems are working absolutely fine.
The stock exchange chairman also lauded the Swiss government’s policies that have been designed to help the country remain at the forefront of the development of Distributed Ledger Technology (DLT). But he also acknowledged the associated risks while pioneering this technology. He said: “I think the strategic direction is good, but it’s like going into the fog. You don’t know what you will see on the other side. Many mistakes will be made, but we will also learn a lot and I am sure, we will be successful.”
Mr. Lacher is not the only proponent of a crypto-centric stand. Johann Schneider-Ammann, the Swiss Economic Minister, last month said that Switzerland should strive to “become the crypto-nation” while talking at Crypto Finance Conference in St. Moritz.
Mr. Schneider-Ammann referred to cryptocurrencies as the comprising “part of the fourth industrial revolution.” However, he also added that it is too early to decide whether the digital currencies require an regulatory oversight.