The Swiss Central Bank has changed its mind about issuing cryptocurrency

As part of a discussion on “The Future of the Token Market” at the Crypto Valley conference in Zug (Switzerland), the director of the board of the Central Bank, Thomas Moser, said that now is not the time to talk about issuing a national cryptocurrency. Additionally, Moser stated that blockchain is similar to the “useless innovation” of CDs.

Cassette tapes were around until they were replaced by CDs, after which they were replaced by MP3 players, and then came the smartphone revolution.

 Since blockchain technology is still in the development and transformation stage, launching a national cryptocurrency based on this technology, which is still practically “in beta,” is not possible. Moser added that there is also a possibility that bitcoin will be replaced by another type of cryptocurrency sooner or later.

“Something similar should happen to bitcoin. People will only switch to something new if it works better or cheaper,” he said.

Switzerland is not the only country that has temporarily changed its mind about issuing a national cryptocurrency. Earlier this month, it was reported that Estonia had shelved plans to develop its own national cryptocurrency after the idea drew criticism from banks and Mario Draghi, the Italian economist and president of the European Central Bank. Estonia, which is one of the most technology-friendly countries in Eastern Europe, was a leader in potentially issuing a national cryptocurrency, but plans were derailed by criticism from an expert.

“No member state can introduce its own currency; The currency of the eurozone is the euro,” Draghi said.