E-franc pipe dream fails to arouse Switzerland

Mounting calls for Switzerland to introduce a blockchain-based national cryptocurrency continue to fall on deaf ears at the Swiss National Bank (SNB).

Romeo Lacher, chairman of the SIX Groupexternal link that runs the Swiss stock exchange, recently added his voice to the debate by advocating such a virtual currency. “An e-franc under the control of the central bank would create a lot of synergies – so it would be good for the economy,” he told the Financial Times newspaperexternal link. “I don’t like cash.”

In response to these comments, the SNB repeated its message to the FT that it did not consider any need for such a move.

Earlier this month, the Fintech Rockersexternal link think tank of Swiss financial professionals issued its vision of a Crypto Franc to be run on a national blockchain and issued by the SNB. This plan would also involve the Swiss financial regulator and cantons in supervising such a digital currency.

Governance Framework for Swiss national Blockchain and Crypto Franc

“Such blockchain infrastructure, carried jointly by all Swiss cantons, will have an equivalent catalyst effect as the initial introduction of the railway system or the creation of the Gotthard tunnel during the age of industrialization,” the document stated.

Grassroots support for a national cryptocurrency was also put forward by two leading academics from the University of Basel, speaking at the inaugural Crypto Finance Conferenceexternal link in St Moritz in January. But Aleksander Berentsen and Fabian Schärexternal link said they doubted whether Swiss authorities would risk the country’s reputation on such experimental technology, particularly with the current fears of cryptocurrencies being used for money laundering and other criminal ends.

Source : swissinfo

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