Swiss Central Bank Exec: Crypto Too Primitive to Issue State Digital Currency

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Board executive of the Swiss National Bank (SNB) Thomas Moser said that cryptocurrencies and blockchain innovation are too primitive, making it impossible to consider issuing a state-backed digital currency, local news outlet swissinfo.ch announced June 21.

Talking at the Crypto Valley blockchain conference in Zug, Moser compared blockchain in its current condition and the pointless development of compact discs (CDs):

“Something similar has to happen with bitcoin. People will only switch to something new if it works better or is cheaper.”

Moser, who was designated to the board of Switzerland’s national bank in 2010, conceded that blockchain innovation has potential, yet just when it appears to be extremely unique from what it does today. Given the present condition of innovation, Moser can’t imagine an “e-franc” at any point soon.

At the same conference, an individual from the Swiss Federal Council Johann N. Schneider-Ammann said that some time or another blockchain will “penetrate our entire economy.” Schneider-Ammann expressed that the nation does not know enough about the potential dangers, including that extending blockchain instruction is basic.

Switzerland has been perceived as a cryptocurrency and blockchain-friendly nation, particularly due to the “Crypto Valley,” a focal point of fintech, blockchain, and digital currency action situated in the canton of Zug. According to an investigation by blockchain meeting BlockShow Europe 2018, the nation was positioned number one in a list of the best European nations for launching a blockchain organization.

A month ago, the Federal Council of the Government of Switzerland asked for a report regarding the dangers and chances of presenting a government-backed digital currency. The plan to develop a national cryptocurrency was proposed in February by Romeo Lacher, administrator of the Swiss stock trade SIX. He stated, “an e-franc under the control of the central bank would create a lot of synergies – so it would be good for the economy.”

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