Switzerland has the status of an open country in relation to virtual currencies and has become one of the states considering the possibility of issuing its own digital currency.
The debate over the Swiss “electronic franc” (e-franc) has been going on throughout this year. Opinions on this matter are divided.
The leadership of the Swiss Central Bank stated that it does not see the need to issue E-Franc, but Economy Minister Johann Schneider-Ammann and head of the Swiss stock exchange Romeo Lacher have come out in support of a national cryptocurrency and believe that there is potential for issuing a digital version of the Swiss franc.
The Federal Council (“Bundesrat”) - the Swiss government - plans to begin research into issuing its own digital currency and has requested an analytical report on the risks and benefits of operating a national cryptocurrency.
The initiator of a more serious study of the possibility of issuing a state digital currency was the deputy president of the Social Democratic Party, Cedric Vermouth.
Now the responsibility for recognizing the request as relevant lies with the lower house of the Swiss Federal Assembly. It must decide whether to support the Federal Council's request for research, but the chamber is not limited by a time frame, and it is unknown when the final decision will be made. If this proposal is approved, the Swiss Ministry of Finance will study the issue.
In turn, the Federal Council clarified that it is familiar with the main problems, both legal and economic, that may arise during the development, implementation and use of the electronic franc. However, the Bundesrat calls on the lower house of the country's parliament to consider all the risks and benefits of the digital franc and clarify the legal, economic and financial aspects of the national cryptocurrency.
The trend of creating national digital currencies is becoming increasingly popular. The first countries that decided to take such a step received a barrage of criticism. However, conservatives such as China, the USA and England are already thinking about issuing a cryptocurrency supported by the Central Bank.. Perhaps in the near future we will see how national digital currencies influence the situation of the cryptocurrency market.
Read also: National digital currencies: causes and prospects
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