Switzerland bets on Bitcoin and cryptocurrencies :


The country of banks is becoming a paradise for Bitcoin and cryptocurrency. Switzerland has launched a series of measures that could help to make it a major "crypto-nation".
The Swiss Minister of the Economy, Johann Schneider-Ammann, recently told journalists about Switzerland's desire to develop cryptocurrencies. A statement that contrasts with the mistrust shown by many countries, such as France, vis-à-vis cryptocurrencies.




The canton of Zug is now nicknamed the "Crypto Valley". The Ehtereum foundation, which promotes the second largest cryptocurrency after Bitcoin, has installed its neighborhoods, while almost a quarter of ICO's (initial corner offering, a kind of crowdfunding that allows the first investors to obtain vintage coins) ), took place there, according to the firm PwC.

The list of companies specializing in cryptocurrency, attracted by an advantageous tax system, is now long: Bitcoin Switzerland, a specialized financial services provider, MNE, a law firm referring in the sector, or the headquarters of the association Swiss Bitcoin, one of the oldest in the world.

And as early as 2016, according to Capital magazine, the municipality of Zug was the first in the world to accept Bitcoin payments for administrative documents.

Bitcoin, a new vein for Switzerland

Analysts point out that, for more than 200 years, Swiss finance has exploited bank secrecy for commercial purposes. But the competition is now fierce in this area, and Switzerland could have found in cryptocurrency a way to renew itself. Olga Feldmeier, CEO of start-up blockchain Smart Valor, explains: "Switzerland was a haven for the rich and powerful around the world to protect their wealth during wars and instabilities. As this concept disappears, the question of redefining the key competitive advantage emerges. "

Although Switzerland still dominates the banking sector for the world's richest, its share of the "secret" banking market is starting to decline. The country can still boast $ 6.8 billion (or € 5.4 billion) in assets under management, which is well below its peak of 2007 when, according to a report by the Swiss banking group, 9 , 1% of global assets arrived in Switzerland to more than 10 billion dollars (8 billion euros). This figure is all the more surprising as its gross domestic product was only 477 billion dollars (383 billion euros) the same year.

The British site Express.co.uk adds that while Swiss banks UBS and Credit Suisse are global financial giants, the entire industry is down after the US launched a survey in 2008 on how Swiss banks were helping their clients escape the US tax system.

Cryptocurrencies could thus allow Switzerland to stand out from the competition, and to experience a new youth as an economic paradise.
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