It looks like Switzerland is starting to get nostalgic about its days as the money-laundering capital of the world. Their Economics Minister, Johann Schneider-Ammann, recently said this:
“The Canton of Zug, the Cryptovalley, has come a long way. There we can gain experience. If the experiences in Zug are positive, we can extend that to the nation. Therefore the statement: It does not need to stay with Cryptovalley, it should become the crypto-nation.”
Can't really blame them for wanting to cash in on the crypto-craze. For years, Switzerland was where rich drug dealers and billionaires went to launder their money. The infamous Swiss policy of neutrality during WW2 allowed many nations to park their money somewhere without worrying that it would get plundered by Nazis.
You have to give the Economics Minster credit: he knows a good thing when he sees it. And with the G20 summit fast approaching, its obvious that Switzerland sees this as their chance to break bank into banking.
Because cryptocurrencies are decentralized - at least in theory - it is effectively resetting the rules when it comes to money. If you don't need to rely on any one governing body, can send your money internationally without paying stupid wire transfer fees, all while staying virtually anonymous... you get the idea.
Switzerland, like Belarus and a few other countries, can see the writing on the wall. Unless all cryptos go to zero in the near future, the power and control that central banks have over the people of the world will be drastically reduced.
Since they declined to join the European Union in favor of political neutrality, they are exempt from the EU's stupid laws regarding finance.
In comparison to France and Germany - the two most powerful countries in the EU in terms of economy - Switzerland's attitude towards cryptocurrency is quite liberal.
Both countries have high taxation and fat social welfare programs - two things that crypto threatens to jeapordize with its laissez-faire approach to capitalism.
So what do you think about Switzerland's stance on crypto? Do you believe that they'll regain their supremacy as the world's strongest banking sector?
Let me know in a comment below!
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