Switzerland is a cryptocurrency blockchain hub right in the center of Europe, with 26 cantons, a federal city called Bern, and four official languages, German, French, Italian and Romansh.
Switzerland is among the top-5-richest countries in the world.
The Alpine country is well-known for its Alps, chocolates, and cheeses, the Red Cross and also for its neutrality for not getting involved in wars for over 200 years.
An area of 15,940 square miles, with a population of roughly 8,400 million, and according to tradingeconomics.com, it has a GDP of 700 Billion per capita.
It is the primary producer of high-end watches bringing in the country a revenue of 20 Billion dollars yearly.
It is high-ranking in many sectors including government transparency, quality of life, civil liberties, human development and more.
A decentralized-direct-democracy country, which is not a part of the EU and does not use the EURO but their own currency: the Swiss Franc. But it is part of the Schengen Agreement, which entitles to open-borders with all countries part of the agreement with enforced common visa policy. Also part of the European Free trade Association and only recently joined UN in 2002 as stated on Wikipedia.
Image credit to Wikipedia: Schengen Area
The country has laws and government management that are not seen anywhere else, with low gun violence and low criminality, but still takes third place in firearms ownership.
How do they do it?
Well, Swiss is a very well thought, organized country, from the government to the community and to acquire this level of order does not happen overnight, this is a culture of good governance, a collection of reinforced orderly manners for centuries.
It´s openness to innovations, political stability, stable economy and monetary security keep this nation ahead of most countries in every aspect.
Switzerland is a remarkable country.
Switzerland has become in the past years a cryptocurrency hub.
Zug, a small lake town near Zurich better known as The Cryptovalley is a place where most startups gather due to its ideal platform for businesses, for its progressive and supporting political system, and transparent regulatory environment. This lake town is already a home to roughly 200 blockchain-based startups.
Switzerland also dominates ICOs alongside the U.S. and has raised over 550 million dollars, with most fundraisers taking place right out of Zug.
In a blockchain documentary by Manual Stagars, a Swiss entrepreneur with twenty years of experience in the digital startup world revealed that in 2016 the city of Zug conducted a pilot study to start accepting bitcoin as a method of payment, and was the first district in the world to do so.
Johann Schneider Ammann Swiss economics minister as he arrived at a private cryptocurrency finance meeting in St. Moritz said- “the country wants to become a crypto-nation.”
The cryptocurrency community counts with the country´s government support to make this a reality.
Mr. Ammann also mentioned Bern, the federal city, has an ICO group similar to SEC in the US, to study cryptocurrency related regulations.
“Swiss strives to flourish in the ICO market but not at the expense of the financial market´s integrity.” – said Jörg Gasser, state secretary at the Swiss finance ministry.
As expected, Swiss does not only want to turn themselves in a cryptocurrency nation, but it desires to make it a trustful, secure, honest and transparent platform.
While most countries work on opposing the new inevitable technology, Switzerland is embracing it full throttle.
“It´s a revolution coming I think, crypto valley is a part of it, we can wait or we can really involve in these questions, as we involved. It´s not very intelligent to be defensive – that´s the main point.” – said the city of Zug´s mayor Delfi Muller in an interview to WIONEWS.COM
The main issue the country faces when it comes to cryptocurrency is with the traditional banks, which are unwilling to serve cryptocurrency related companies.
Not having the traditional banks support has slowed down The Cryptovalley´s momentum.
“You can do a lot with cryptos, but you can’t pay rent and salaries.” –said Alain Kunz chief executive of CoinLab Capital, a Swiss startup offering blockchain asset management services.
And so because of the lack of support from traditional banks, Switzerland has been losing its “Cryptovalley” position to countries like Singapore and Malta.
Recently according to a news report at Bitcoin.com, many Swiss bankers and financial regulators quit to join the crypto space.
But Swiss is not taking this lightly and fighting to keep the crown, as Swiss banks finally step up to the game.
Falcon Private Bank and Maerki Baumann private bank in Zurich, have finally decided to work with cryptocurrency related companies as of August 2018 affirms Pedro Goncalves at InternationalInvestment.com.
FPB offers cryptocurrency asset management services through Bitcoin Suisse A.G.
MBPB however, is only prepared to receive or accept funds generated through cryptocurrency.
“Maerki Baumann is generally prepared to accept funds generated through cryptocurrencies, be it through speculative transactions or in the form of payment received for services provided or from mining profits,” the bank added in a recent report published by the Bank.
Read the whole report here: http://bit.ly/2nlgBk0
Switzerland´s take on the cryptocurrency blockchain technology and ICOs is something to consider when validating the credibility of these new ecosystems. A country that is so well put together, investing in the tech without opposition, and dealing with it diligently and confidently.
The Swiss confidence in the new tech gives the world the push it needs to analyze it confidently and diligently as well.
The nation views this technology as an unavoidable part of the future.
Their approach is keeping their country ahead of the game and making it clear that choosing to be an early adopter may be just the way to go.
Let us know what your thoughts are, do you believe in early adoption? How does cryptocurrency blockchain fit your life today? Does Switzerland inspire you to get more involved? Do you fear the technology?
Let us know in the comments.
The Winco Team