Switzerland: A Mountainous Hub of Cryptocurrency

Switzerland is famed for its verdant, alpine countryside.

Switzerland is famed for its banking system, its handcrafted watches, and its artisanal milk chocolate. The country of rolling green hillsides is to many analysts a beacon of good governance and stable finance. Switzerland has also taken its seat at the table of cryptocurrency and blockchain innovation, becoming increasingly welcoming of digital assets. Cryptolydian reports on this phenomenon.

Swiss cryptocurrency reforms

Cointelegraph reported that Switzerland recently passed new laws that at long last recognise and give legal backing to blockchain technology and the cryptocurrency industry. The government has also amended several laws and regulations involved with the corporate and financial sectors of the country.

Switzerland’s legislative house passed the Blockchain Act unanimously in the summer of 2020, thus allowing for these new amendments to take place. The amendments, spearheaded by the aforementioned act, will further strengthen the small mountainous nation’s cryptocurrency industry.

According to Cointelegraph, Switzerland is at present host to more than 900 companies that deal in blockchain and cryptocurrency.

Blockchain innovations in Switzerland

Switzerland has shown itself to be dynamic in its usage of blockchain technology. ABC News reported that a region of Switzerland, widely known for its exceptional use of blockchain technology, had announced it would soon accept tax payments through cryptocurrency.

The Swiss canton of Zug is the first to make such innovative use of cryptocurrency and its underlying technologies. Taxpayers who want to pay in cryptocurrency should inform their relevant tax authority of their intention. They will then be forwarded a QR code to enable a digital payment.

Meanwhile, one of Switzerland’s biggest health insurance companies has announced that they would start accepting payments via cryptocurrency, reported Cointelegraph.

Switzerland’s neighbours in the EU, of which the Swiss are not a party to, have vowed to implement comprehensive cryptocurrency regulations by 2024.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.