Swiss Central Bank Exec: Crypto 'Too Primitive' to Issue State Digital Currency
22 June 2018 - 7:56PM
ADVFN Crypto NewsWire
Board director of the Swiss National Bank (SNB) Thomas Moser said
that cryptocurrencies and blockchain technology are too primitive to consider
issuing a state-backed digital currency, local news outlet
swissinfo.ch reported June 21.
Speaking at the Crypto Valley blockchain conference in
Zug, Moser compared blockchain in its present condition with the
“useless innovation” of compact discs (CDs):
“Something similar has to happen with bitcoin. People
will only switch to something new if it works better or is
cheaper.”
Moser, who was appointed to the board of Switzerland’s
central bank in 2010, admitted that
blockchain technology has potential, but only when it “looks very
different from what it does today.” Given the current state of
technology, Moser cannot envision an “e-franc” anytime soon.
At the same conference, member of the Swiss Federal
Council Johann N. Schneider-Ammann said that someday blockchain
will “penetrate our entire economy.” Schneider-Ammann stated
that the country does not know enough about the potential risks,
adding that expanding blockchain education is critical.
Switzerland has been recognized as a cryptocurrency
and blockchain-friendly country, especially due to the “Crypto
Valley,” a center of fintech, blockchain, and digital currency activity
located in the canton of Zug. According to a study by blockchain
conference BlockShow Europe 2018, the country was ranked number one in a list of
the top European countries for launching a blockchain company.
Last month, the Federal Council of the Government of Switzerland
requested a report on the risks
and opportunities of introducing a government-backed digital
currency. The idea to develop a national cryptocurrency was proposed in February by
Romeo Lacher, chairman of the Swiss stock exchange SIX. He said,
“an e-franc under the control of the central bank would create a
lot of synergies - so it would be good for the economy.”
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