Countries across the world remain divided over the cryptocurrency revolution that has emerged over the past year. Some, such as China, strive to eradicate all instances of it, but others, including Switzerland, are embracing the blockchain with open arms.
Ahead of a potential crypto G20 summit which could result in a wave of regulatory action, Switzerland has emerged in full support of the technology as voiced via Economics Minister Johann Schneider-Ammann.
The affluent municipality of Zug has become the home for numerous blockchain companies, including the Ethereum Foundation, according to reports. A translation from an address given by the minister indicates willingness for expansion from this hub of blockchain tech to the rest of the country:
The Canton of Zug, the Cryptovalley, has come a long way. There we can gain experience. If the experiences in Zug are positive, we can extend that to the nation. Therefore the statement: It does not need to stay with Cryptovalley, it should become the crypto-nation.
Schneider-Ammann went on to further extol the virtues of fintech innovation, saying that Switzerland has grown by that same acceptance of pioneering technology and financial stability:
Now we have arrived at an innovative moment in the financial world. Cryptocurrencies are part of the fourth industrial revolution. We look at what possibilities can arise from it. For my part, I try to identify the opportunities, the risks and the opportunities, and decide: Is this a future business with future jobs or is it not? That’s why I support the circles that deal with it.