Swiss crypto progress: new Ripple office in Zurich, CHf stablecoin?

05 Jun, 2019
by David Robb
Swiss crypto progress: new Ripple office in Zurich, CHf stablecoin?

A leading think tank in Switzerland has suggested that the country launch its own crypto. Avenir Suisse claims that a new stablecoin pegged to the Swiss Franc would be a good move for the Swiss National Bank (SNB).

Switzerland is one of the world's leading players in the financial markets, but is still lagging behind in terms of blockchain and crypto adoption. One exception is the recently-established Crypto Valley association, which is attempting to bridge the gap between traditional finance and newer DLT innovations, operating on behalf of a number of blockchain firms in and around Zurich. In an intro to its report, Avenir Suisse claims that "the time for pioneers is over", and that the country needs to morph beyond the valley into "a fully-fledged DLT nation".

A number of key growth opportunities for the Swiss economy are identified. The main one is the establishment of a new digital version of the CHF, which would apparently "facilitate tokenized securities trading". As for other blockhain applications, "there’s also a serious need to modernize the interfaces between the public and private sectors, for example e-ID and the registry of deeds".

One major step forward in terms of crypto adoption could be brought about by a recent move made by Ripple. The organization behind XRP, and some of the blockchain industry's most popular technology amongst established institutions, recently opened a new office in Zurich. 

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