Can Switzerland be trusted when it comes to cryptocurrencies?

Historically, many people associate Switzerland with increasing the capital of those whose wallets are already full to the brim, and hiding this wealth from the rest of the world. Private banking, gold vaults hidden deep in the depths of the mountains, personal financial alchemy - this is what this country began to specialize in after the Japanese surpassed them in the watch industry with their quartz technology.

Why is Switzerland so interested in cryptocurrencies?

Since Bitcoin was originally conceived as a currency for conducting pseudo-anonymous transactions, it is only natural that the Swiss are interested in technology that will make it easier for them to hide the funds of their clients.

Switzerland is a world leader in private banking and is also home to the world's largest wealth management company, UBS, which manages the assets of high-net-worth individuals on $2.3 trillion. This number is more than three times the country's annual GDP. 

Both Swiss bank executives and politicians are vigilant about cryptocurrencies and say they pose a threat to business. Because of these fears, a new corporate industry is forming - the Swiss are creating new ways to integrate new technologies into the financial sector.

One of the main advantages of digital assets, compared to traditional physical forms of storage such as gold, is that they do not require physical storage. However, Swiss developers have come up with a completely new storage method - the servers that contain private keys to cryptocurrency wallets are located in a gold vault, which is hidden inside the Alpine mountains. 

We already wrote that the company SIX announced its plans to launch “the world’s first market infrastructure that will offer integrated trading and storage services for digital currencies.” This platform will be fully regulated, it will be possible to issue its own tokens and tokenize existing assets. 

With a population of just 8 million, Switzerland has a completely disproportionate representation in the financial world. Switzerland is home to the world's largest banks and hosts the most influential and talked-about World Economic Forum (WEF).

The WEF was founded in 1971 by German economist Klaus Schwab, who was then a business professor at the University of Geneva. This is an annual conference in the Alpine city of Davos, where politicians, bankers, CEOs of large holdings, rock stars and celebrities of all calibers gather.. This event is by invitation only and costs $72,000. 

In 2016, 80-year-old Schwab published a book called “The Fourth Industrial Revolution,” in which he outlined his view of the future economy and the chronology of the previous three. Following the publication of this book, the WEF created the Center for the Fourth Industrial Revolution in the United States. A center will open in Japan this month, and there are also plans to open centers in India and China. 

The center's staff say that "they engage with governments, leading companies, civil society and experts from around the world to jointly develop innovative new approaches to the management and policy of the fourth industrial revolution. The forum's board of trustees consists of politicians and businessmen, including former US Vice President Al Gore and Alibaba founder Jack Ma.

Conclusion

Many governments are trying to develop this industry, many of which much less than Switzerland - Malta, Cayman Islands, Iceland, Gibraltar, Liechtenstein. They do not have the experience in the financial industry that the Swiss have The Swiss are great experts in hiding funds and evading taxes, and this is very similar to principles that cryptocurrencies bring with them.

Although the WEF is not an official body of Switzerland, it is the pinnacle of the neoliberal economic movement where millionaires and billionaires are trying to promote the ideals of globalization. Promoting the doctrine of the fourth industrial revolution, created by one man, has the potential to take away financial opportunities from the people whom cryptocurrencies were supposed to empower.

According to bravenewcoin.com