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The Future of Money: Bitcoin and Other Cryptocurrency Technologies Are a Way of Life in This Small Swiss Town - Newsweek

Published 2 years ago

The Future of Money: Bitcoin and Other Cryptocurrency Technologies Are a Way of Life in This Small Swiss Town - Newsweek

Financial Newsweek via

One of the 10 bitcoin ATMs installed across Switzerland by Zug-based Bitcoin Suisse, the machine accepts Swiss francs and euros in exchange for a slip of paper with a code that represents the equivalent amount in bitcoin. His business, Monetas, offers a digital system through which any currency, including bitcoin, can be transferred worldwide at very low cost. Monetas was soon joined by other cryptocurrency startups, which now number around 20, including Ethereum, minter of a bitcoin rival currency called ether. Before bitcoin emerged, Switzerland had been looking for ways to remain relevant in the banking sector ever since the U.S. began to crack down on offshore accounts after the global financial crisis. To position itself as a cryptocurrency hub, Switzerland has tried to write regulations that will allow cryptocurrency companies to thrive—a process other governments are still struggling with as they weigh the costs and benefits of this evolving technology. Although the U.K. signaled its openness to the cryptocurrency economy in 2015 by allocating $12.9 million to a research initiative to study bitcoin and other digital currencies, crypto-asset companies still do not know how they will be regulated—creating uncertainty and holding back innovation. At the national level, the Swiss government has been working closely with financial technology companies to create a special license that would allow businesses to hold cryptocurrencies for their customers without having to apply for a costly banking license. Think of it as a type of public ledger — when someone uses bitcoins to buy something, the blockchain records the transaction one after the other in blocks of code, each chained to the other. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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