Switzerland is a country that is doing everything to help the reputation of bitcoin. The nation is home to the city of Zug, which is home to what is known as “Crypto Valley,” a region that takes part of its name from Silicon Valley in Northern California.
Switzerland is going all out for cryptocurrencies
While the latter is known for being home to some of the largest tech companies in the world, such as Facebook, Google, and Microsoft, the former is home to several cryptocurrency and blockchain companies that are attracted to Switzerland thanks to its easy regulation and low cost. taxes.
Now Switzerland has a new division of its federal government working to ensure the crypto space moves in the right direction. Nino Landerer, Head of Capital Markets and Infrastructure at the State Secretariat for International Finance (SIF), explained in a recent interview:
Much of the ecosystem that you see flourishing, not only in Switzerland but also abroad, probably goes against the initial idea of the crypto-anarchists. [The original vision for bitcoin was] to have a completely decentralized system where everyone manages their own keys and no one trusts anyone, but everyone can verify everything. That was the basic idea of the Nakamoto white paper, and some tech people believe in that fundamental philosophy, but that's not the ecosystem that we see. We see a very centralized ecosystem. We see service providers as banks that provide services to customers, and their customers trust the banks, not DLT (distributed ledger technology that helps make blockchains secure). So you're really building a system similar to what we already have, just based on crypto assets.
Paolo Ardoino, CTO of Tether, one of the world’s best-known stablecoins, is one of many who seem to agree. Ardoino put his grain of sand in the mix, commenting:
You have to be realistic. We need regulation and we need laws. You can be an anarchist when you're with some of your friends, but if you live in a country and you want to build infrastructure, you can't be an anarchist.
Incorporating the Right Laws
Switzerland has long sought to be a “crypto-neutral” territory. When space began to experience huge bursts of popularity in 2017, the country made several changes to existing laws to allow for more innovation and growth in space. lander said:
These legislative changes did not come out of nowhere. It was around 2017 that they became more prominent and the government decided that something needed to be done. Doing something doesn't mean killing it, but accepting it to the extent that it can be useful, while also making it clear that it shouldn't be the Wild West... [You want] to create a framework to enable business models. and innovative financial services, but also take risks into account.