- Avenir Suisse recommends Switzerland’s National Bank to launch a Swiss franc token
- The goal is to remain at the forefront of the blockchain and crypto industry
The Swiss think tank called Avenir Suisse recommended Switzerland’s National Bank to launch a Swiss franc token. The information was released by the privately funded think tank in a report on June 4. This would allow Switzerland to become a dominant player in the tokenized securities landscape.
Could The Swiss National Bank Create A Swiss Franc Token?
Different central banks around the world have been analyzing the possibility to issue a Central Bank Digital Currency (CBDC). This time, Avenir Suisse released a report in which they explained that the analysis on embracing or not blockchain technology is focused too much on the risks rather than on the positive things.
This is why the think tank believes that if Switzerland becomes a dominant player in trading tokenized securities, it could attract more domestic and also international players to the market. This would also allow wealth managers to get a chance to exploit new business models as well.
The author of the article explained:
“Useful groundwork has already been done in these areas in Switzerland. But the time for pioneers is over: Switzerland now has to take the next step in the development of DLT, morphing from the much-vaunted ‘Crypto Valley’ into a fully fledged DLT nation.”
At the same time, Avenir Suisse explained that it is important to have a balance between legal certainty and also lean regulation. The goal is to create laws that are compatible with Distributed Ledger Technology (DLT) and open the market to as many foreign workers as possible.
Switzerland became one of the most important countries in terms of regulations and legal frameworks for digital currencies. Although there are many challenges to address, there is a clear political intention to make it better for crypto and blockchain companies to locate their operations in the country.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.