Is Switzerland the Eldorado for Crypto Currencies ?
In the center of the Alps the Swiss Nation has a long tradition in the financial sector. It's banks are well known throughout the world, unfortunately not only for good reasons. Switzerland plays a major role in the emergency of blockchain related technology. Many crypto companies like Xapo or Bitmain have or are planing to have offices in Switzerland. To be more precise, in a region called the Crypto Valley, close to Zug.
image source: Wikipedia
A positive legal framework
The reason why many crypto companies relocate to Switzerland is mainly because nobody else wants them. Switzerland offers a legal situation that is quite open to innovation in the financial sector and regulations are not too restrictive.
Switzerland is a country with extremely high living costs and high salaries. The whole economy relies on high technological businesses. To insure the sustainability of the economy, innovation and development is highly encouraged. This is why the blockchain sector is welcome. It is considered to be a technology that might create new jobs and industries especially in the time of the 4th industrial revolution.
Bitcoins available in every train station
At every train station in Switzerland there are ticket automates that are run by SBB the national railway company. It is possible to buy bitcoins on all these automates.
Pay official costs with bitcoins
In Zug it is possible to pay the state in bitcoins. However this is only valid for fees not for taxes for example. So it is more marketing than usefulness.
Not everything is as beautiful as it seems
In spite of these positive aspects, not everything is in favor of the blockchain technologies. As in most other countries, Swiss people are quite skeptical towards crypto currencies. The medias are very critical and there are many voices that want to ban everything related to this technology.
The banks don't want crypto
The biggest problem for crypto start ups and also established companies is to open traditional bank accounts. The banks want nothing to do with crypto currencies. If you tell a Swiss bank that you are working with crypto currencies, you might loose your bank account. So for these companies it is almost impossible to open accounts to pay their employees in fiat money. The reason for that is that the banks are scared of possible lawsuits related to scams or money laundring through crypto currencies.
In conclusion, we could say that Switzerland has at least realized that the blockchain technology has a real potential and that it might be worth to give start ups a good legal framework to innovate. However we are still very far from common acceptance of everything crypto related.
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Nice post bro. My country is actually advancing in this idea of blockchain
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hi @achim03
I found this post very interesting. I wasnt aware that even banks in Switzerland are also against crypto. I didnt know they can terminate account with company that is involved in crypto.
Thx for that update mate
Yours
Piotr
Swiss Banks are tremendously scared of scams or money laundring so they prefer to kick you out rather than have problems later. There are however some small banks who are starting to provide solutions for the crypto related businesses. Thanks for the resteem !
Hi @achim03
Im very sorry for such a delay with my replies but currently Ive been overwhelmed with amount of work that has been related to my latest contest. I never expected to receive such an amazing support.
Back to the topic: what about crypto and ICO's being developed in Switzerland? Are swiss banks also against them?
Yours
Piotr
Hi @crypto.piotr
Thanks for taking the time to answer. I can understand that you have a lot to do with your contest. Amazing work that you are doing there ;-).
To answer your question:
At the moment the swiss banks don't differentiate the ICO's. They have simply not adapted their tools to consider the functionning of ICO's. The biggest problem for them is to control the provenance of funds. According to money laundring law, all amounts above a certain value have to be traced to its origin. So in order to avoid problems with this law, Swiss banks just prefer to cancel their relationships with crypto related businesses.
On the other hand Swiss gouvernement is actively trying to find a solution for the start ups to be able to have bank accounts.
This post has received a 1.62 % upvote from @booster thanks to: @achim03.
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Great post!
Thanks for tasting the eden!
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