Ueli Maurer, the Swiss Minister for Finance and Joerg Gasser, the State Secretary for International Financial Matters visited Israel to gain access to the country’s market and to enable Swiss banks to trade there. A report for Reuters stated that the two nations have agreed to collaborate on financial technology, cryptocurrency, and blockchain regulation.
Gasser stated that he is working on a report on blockchain regulation methods and factors, that will be submitted by the end of the year. The report aims to help the parliament to approve and implement the new regulations by 2019. Switzerland has been forthcoming with their blockchain-friendly regulations that has enhanced the scope of blockchain innovation by welcoming startups and researchers from all across the globe.
A small Alpine town in Switzerland, Zug, has evolved as a blockchain hub and is often referred to as Crypto Valley in a nod to California’s Silicon Valley tech hub. Both the Ethereum Foundation and ShapeShift exchange have their headquarters in Zug, along with many other companies.
A common occurrence in the current scenario, the country welcomes blockchain with open arms but the central bank maintains an aversion toward the cryptocurrency. In July, organizations in the country tried to discourage cryptocurrency companies to flee the country after the central bank presented its concerns regarding the opaque nature of crypto-crowdfunding.
Notably, the central bank shot down the government’s idea to create “e-franc” state cryptocurrency, citing that the crypto technology was not good enough. Though, Alprockz, a Zug-based startup is currently working on a stablecoin based on the Swiss franc implying that crypto-technology is progressing with or without the support of the banks.
Read more: India Sends Officials to US, Japan and Switzerland to Study Cryptocurrency and ICOs
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