Switzerland to explore opportunities for national cryptocurrency

Posted 18 May, 2018

Switzerland is considering its own cryptocurrency – e-franc. For that purpose, the Federal Council has asked to study risks and opportunities for the launch of cryptocurrency. The e-franc is planned to be based on the technology of other currencies like bitcoin but will get state support.

According to Reuters report, the lower house of the parliament now has to make positive or negative determination on the request.

The proposal to study the issue was made by Cedric Wermuth, vice president of the Social Democratic Party. 

The Federal Council is aware of the major challenges, both legal and monetary, which would be accompanied by the use of an e-franc, – he stated. – It asks that the proposal is adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.” 

At the same time, the Swiss National Bank expressed some concerns on this matter. As commented SNB chief, private-sector digital coins are "better and less risky than any version that might be offered by a central bank".

Notably, the national cryptocurrency concept was started by Romeo Lacher, Chairman of SIX stock exchange. Specifically, he stated that e-franc controlled by the Central Bank would create a foundation for the majority of cooperations and support country's economy.

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