In an interview with the Financial Times last Sunday, Romeo Lacher, the Chairman of the Swiss Infrastructure and Exchange Group (SIX), announced that he would like to see the Swiss National Bank launch a national cryptocurrency. This comes in contrast to the central bank’s current stance on the acceptance of digital money.
Lacher also added to his statement by saying that a digital version of the Swiss franc would contribute to bettering the country’s economy, as well as inviting the possibility of creating new national partnerships. Also, the launch of an “E-franc” would allow the country to maintain control over local commerce by encouraging the use of electronic payment.
Switzerland to Become a “Crypto-Nation”
Within Switzerland’s financial sector, the acceptance of Bitcoin is still far from unanimous. Still, the country seems to be warming up to the idea of integrating Blockchain technology at the national level and the use of encrypted currency as part of their local economy.
Likewise, Johann Schneider-Ammann, of the Ministry of the Economy, recently made a statement saying that Switzerland would like to become a “crypto-nation”. In his interview, Romeo Lacher reiterated this by reminded the public that Switzerland is already a world leader in terms of exchanges and tools for trading cryptographic currency.
Moreover, the United States and Switzerland are at the top of the list of countries who organize the most Blockchain-based fundraisers and the launch of Ethereum, the world’s second most famous cryptocurrency, was managed by a Swiss company.
Mastering the Cryptographic Markets
According to Lacher, the value of cryptocurrency has followed a single uptrend until just recently and that prohibiting ICOs (Initial Coin Offerings) would cause a lot of problems for a lot of people. Which, leads us to believe that cryptocurrency markets are still quite volatile and extremely difficult to regulate.
The Chairman even added that cryptocurrency markets can be likened to the “Wild West” since they still mostly under the control of a small group of private companies. Lacher believes that this is exactly where central banks need to step in and that creating their own digital currency is one of the best possible solutions for a better control over the industry.
Still, despite demand, the Swiss National Bank stands firm on their decision. And, they don’t believe that the creation of an “E-franc” is necessary. For the moment, both electronic and cash payments seem to be living harmoniously within the country.
Other Banks Consider a Crypto-Future
Currently, national cryptocurrencies are still very rare. Their volatility and the uncertain future of ICOs are two of the main reasons that banks are reluctant to accept the idea. Still, even though most banks are showing signs of hesitation, that does not mean they don’t have any interest in the idea.
Elsewhere, Sweden is looking to launch their own “E-krona” and according to a recent statement from Axel Alfred Weber, the President of UBS and a former German banker, other banks will soon join the ranks.