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Over the years, there have been numerous incidents in which cryptocurrency enthusiasts lost access to their funds. Hacks, thefts, and throwing away a hard drive without a private key backup are all pretty common topics of conversation. In Switzerland, one enthusiast lost his shopping bag which contained his Ledger hardware wallet. That was a bad thing, as it seems highly unlikely this item will be returned to him.
Private digital currencies are better than any state-issued version, admitted a high-ranking representative of the Swiss National Bank. Cryptocurrencies are also less risky, according to Andrea Maechler, member of the central bank’s governing board. Her comments indicate that Switzerland has no intentions to emit a state-sponsored crypto.
The Swiss village of Gondo on the Italian border was once a haven for gold miners. Now, after decades of economic stagnation, it’s become a hot spot for miners of digital gold.
Over 100 years ago, the southern Swiss village of Gondo was famous on the European continent for its gold mines. These days, the tiny Alpine location is becoming famous for its cryptocurrency mining operations.
Cryptocurrency foundations, community organizations, and entrepreneurs have helped put the lightly populated Swiss canton of Zug on the business world’s map. While the local administration has created one of the most welcoming environments for the industry, some voices fear possible negative repercussions such as bad press and an American regulatory backlash.
As various countries around the world consider launching a state-issued cryptocurrency of their own, Switzerland gets on board with the idea — in an effort to maintain its status as the crypto capital of the world.
‘It Would Be Good for the Economy’
According to reports, Swiss stock exchange chairman Romeo Lacher has strongly suggested the country issue a cryptocurrency version of its fiat currency, the Swiss franc, in an effort to boost the local economy and accelerate the disuse of cash. Lacher told the Financial Times:
ICF Church, an evangelical church in Zurich, Switzerland, is set to begin accepting Bitcoin donations from its parishioners.
The common assumption with most churches is that they’re conservative and are beholden to time-honored traditions. While this is often true in many regards, a number of churches are actually quite keen on adopting the latest innovations that technology has brought to bear. Case in point is a church in Switzerland that is set to begin accepting Bitcoin donations.
Bitcoin’s explosive growth is dramatically disrupting the monetary and banking system to such an extent that banking and government authorities are sounding the alarm. In effect, the chief of the U.S. Treasury now fears that Bitcoin will become like a “Swiss Bank Account.”
Bitcoin Defies the Banking System
Bitcoin lets you have your private bank in your electronic wallet. As a result, Bitcoin will eventually render the fiat monetary and banking system obsolete. Hence, U.S. Treasury Secretary Steven Mnuchin’s concerns might be justified. Now, Mnuchin is warning against Bitcoin becoming the next “Swiss bank account.”
**On today’s episode of The Cryptoverse:**
The Swiss will soon be able to pay taxes in Bitcoin, YouTube starts censoring my content AND some research that predicts a trillion crypto market cap by 2025.
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