The Swiss government has requested a study on the risks and opportunities of the introduction of a state of their own crypto-currency, a so-called “E-franc”. Cedric Wermuth, Vice-President of the social democratic party, has called for the study in Parliament. In a response dated Thursday, the proposal was confirmed by the Swiss Federal Council.
As Reuters reported, must now decide the lower house of the Swiss Parliament whether it supports the proposal of the Federal Council on a study of the topic. The request should also be confirmed by the house of Commons, would have to create the Swiss Ministry of Finance a study of the topic of a state’s own crypto currency.
In its response Thursday, the Swiss government supported, according to Reuters, the proposal, but at the same time on the hurdles (freely translated):
The Federal Council is aware of the major legal and monetary challenges associated with the use of an E-franc. He calls that the proposal is accepted, to examine the risks and opportunities of E-francs and to clarify the legal, economic and financial aspects of the E-franc.
The Swiss national Bank said last month on the topic of state your own crypto-currency, digital currencies, the private sector would be better and less risky than those versions that are issued by a Central Bank.
From our point of view, this development in Switzerland is not surprising. Finally, Switzerland is considered to be very innovative and Blockchain-open country. In addition, Switzerland is not the first country, which picks up the theme of state-owned crypto-currency and digital currency.
Other countries with plans for state-owned digital currencies
Several countries have already begun to examine the possibilities for the introduction of its own national digital currency and there is with Venezuela, a country in the world that a national digital currency can call his Own. In addition, inter alia, Iran, Turkey, and Sweden have reported in the past few months, first approaches, the rationale for a national digital currency are very different.
So Venezuela has issued to the disputed President Nicolas Maduro the Petro in order to circumvent the economic sanctions of the United States. The Petro is to be secured by the Oil reserves of the country. Furthermore, Maduro has announced another crypto-currency, the Petro-Oro, to be covered by the gold reserves of the country.
At the end of February it became known that Turkey also discussed a government crypto-currency. Ahmet Kenan Tanrıkulu, Deputy Chairman of the Nationalist Movement Party (MHP), has published the proposal for a Turkcoin. The proposal provides for a national crypto-currency in the Form of an asset-backed security that is secured by state assets in the Form of company shares.
At the beginning of may, Iran said to make significant progress in the development of a state-run digital currency. The digital currency will probably help, following the example of Venezuela, the economy and the stability of the Iranian Rial.
As we reported, announced by the Iranian Minister for information and communications technology, Mohammad Javad Azari – Jahromi, that the digital currency have left the development phase and the fully developed product needs to be the Iranian banks for Review and possible approval.
In Sweden, however, the motives are different and probably similar to those in Switzerland. In Sweden there have been discussions for some time about the introduction of a digital currency, as the use of cash in Sweden has decreased dramatically in recent years.
According to a statement from the Central Bank, Two-thirds of Swedes think of living without cash. The Swedish crypto currency is not to displace the cash, but the simplicity and safety of the daily payment traffic to improve. For the development of 19 projects in the race, including IOTA and Stellar lumen are currently.
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