Why Is Switzerland Sanitising The Concept Of Cryptocurrencies?

Why is Switzerland actually spending efforts to sanitise the concept of cryptocurrencies? And what real purpose is being achieved by that? This is when much of the world already knows that cryptocurrencies, good or bad, we shall come to that later, are actually a haven for illegal activities and criminals, above all things?

Surely, there’s got to be something that Switzerland seriously wishes to purse with a concept that, beyond darkly adjectives is a rage of our times. As a matter of fact, you’d much rather call it, a dominant discourse of our times.

Truth be told, where the serene landlocked European wonderland is concerned, then it’s clear that Switzerland is batting big on Cryptocurrency. Nothing is more evident about this fact than the country going as far as taking steps to ensure gentrifying of the very currency format that the world views as polarising.

Not that anyone can be doubted as such!

It’s a platform from which to operate illegal activities- point #1

It’s a source through which one can further illicit deals and even commit heinous crimes- point #2

Furthermore, it can break and make fortunes, the latter, provided one’s not caught or appears in the radar of suspicion.

All of these aren’t mere virulent statements intentionally made to suffocate those who dabble in cryptocurrencies; these are widely-felt beliefs that do need some debunking perhaps or so one reckons.

At this point in time, it is not clear as to where and when might one get to see the light at the end of the tunnel where cryptocurrencies’ future in Switzerland stands or whether how soon can they be done away with, if at all, things from a legal standpoint come to that.

Having said that, the following are the bunch of steps that Switzerland is dedicatedly taking in order to ensure a future with cryptocurrencies playing a dominant part. The excerpts were taken from a report published recently on Swissinfo.ch:

Blockchains are digital systems that store and transmit cryptocurrencies. The technology has been hailed in some quarters as an improvement on the current financial plumbing.

Switzerland has this year updated a range of company and financial laws to give blockchain commerce a solid legal basis. The financial supervisor has in the last two years licensed two crypto banks, and not just that- a crypto stock exchange, and Switzerland’s first crypto assets fund.

The intention is to replace the old “wild west” image by gentrifying cryptocurrencies. Raucous troublemakers like bitcoin are being scrubbed up and made fit for consumption by banks.

The market has matured, the legal framework is there, licenses are being handed out, a pipeline of new financial products are being created,” says Katie Richards, former head of Falcon private bank’s crypto unit. She is now setting up the Swiss offices of Netherlands-based cryptocurrency investment company Cyber Capital.

“Switzerland is becoming more innovative and competitive. We are continuously attracting new companies from other countries.”

The above told, there already exist non-profit foundations that can take care of blockchain projects in that the hundreds of thousands of dollars that are crowdfunded using blockchain projects can be simply housed by these NGOs.

Unlike the rest of the EU, and remember Switzerland is not a part of the EU, the regulatory stance taken by the Swiss toward the concept of cryptocurrencies isn’t archaic, restrictive or divisive, as some note. The same story persists with America where, many happen to believe, that cryptocurrencies are viewed with an eye of suspicion.

Who can blame them unless and until there’s more awareness directed toward the pros and cons at a country level to set the record straight?