Switzerland became the “Blockchain Capital of the World”because of the efforts that made the Swiss economic minister.

 

MOVING AWAY FROM SKETCHY BANKING

Switzerland’s banking system is one of the most permissive systems in the world. In the last time, Switzerland begun to investigate emerging financial markets. Many of the Swiss cities joined the idea of cryptocurrencies and they begun slowly to be crypto-financial centers.

According to PwC, one of the largest auditing firms in the world, lawmakers plan to convert Switzerland the “Silicon Valley” of cryptocurrencies.

The town Zug is the heart of cryptocurrencies in Switzerland. This community of 120,000 individuals is the epicenter of the country’s Crypto Valley. Zug is the town where Ethereum was incorporated and, also, Zug is the location of the first Bitcoin ATMs.

The expansion of crypto-projects in Switzerland helps the country to counterbalance he losses of the banks. In the past decade, Switzerland has lost 20% of its banking institutions. The CEO of MyBit, Ian Worrall, underlines the relaxed attitude of Finma about working with the new technology of cryptocurrencies. Ian Worrall revealed the regulator’s strategy: “Do your best, and if you mess up we’ll work with you.”

Switzerland Is Not All Sunshine And Rainbows

For sure, a Bitcoin-related in Switzerland has its obstacles also. The Swiss don’t share the same “startup” culture that share the United States. Another issue for promoting growth for startups is the high cost of living in the country.

Switzerland has the reputation of “shady money haven”. The country is working hard to remove this reputation that has for years. Switzerland tries not to annoy the US regulators, most of departments disagreeing the concept of Bitcoin. Also, it is important if government consider the currencies  securities or not. With all sort of currencies that are hitting the market.

Crypto Valley Labs made a report about the number of startups from Switzerland which jumped from 15 to 100 in only one year. This was due to businesses and crypto-friendly environment from Switzerland. Anyways, the government didn’t fully accepted cryptocurrency, but it promoted the blockchain technology. Economics minister Johann Schneider-Ammann famously called Switzerland “Crypto Nation” a few months back, but he has now moved to the broader “Blockchain Nation” instead.