Switzerland Considers State-Backed Cryptocurrency
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Switzerland could soon begin examining the viability of developing its own cryptocurrency, which would have all the hallmarks of blockchain technology with the addition of state backing. Until now, the Swiss National Bank has been wary of proposals for an ‘e-franc’, given the high volatility, hacking risks and long-term uncertainty that are associated with cryptocurrencies. The next step is for the lower parliament to approve the study, and even if they do, there’s no timescale for its start or completion. Most developed countries, for the time being, remain cautious of officially backing cryptocurrency. However, the Reuters News Agency reports Sweden’s Riksbank is already looking into whether digital currencies could counter issues such as declining cash use, while making the national payments system more robust.
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