e-franc Crypto Coin: Swiss Federal Council Requests Complete Analysis on Potential State Token
Recently, Switzerland’s federal government asked to conduct a study to see the potential strengths, weaknesses, risks and opportunities of launching a state-wide crypto called e-franc. The Federal Council, consisting of seven members, have all supported Swiss lawmaker, Cedric Wermuth’s suggestion for the study to take place.
The idea was formally proposed when other countries including China, Singapore, and Canada to name a few, were looking into possibly distributing state cryptos themselves.
Reuters has reported several statements made by the Swiss Federal Council in requesting their proposal. In particular, the council, like many globally, were concerned with the economical, legal and monetary-related issues that have been present since the very beginning, and even more, after many consumers got to know of it. They went on to say that
“It asks that the proposal be adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.”
Although the Federal Council made the request, it is up to the National Council to decide whether or not the study will be conducted. If the green signal has been given, then it will be the duty of the Swiss finance ministry to commence the necessary research. This might be a thought-provoking endeavor on the Swiss government’s part, as it is one of the fewest countries that have been extremely soft when it comes to cryptocurrencies, initial coin offerings (ICOs) and the associated regulations.
The country’s growing interest in blockchain technology and cryptocurrencies has been reflected in several occasions, making such a request for a study nothing to be surprised of.
For instance, in January, Johann Schneider-Amman, a Swiss economics minister, promoted the notion of Switzerland one day becoming “the crypto nation”, further suggesting that the government should take the lead. Similarly, in February, the Financial Market Supervisor Authority (FINMA) published detail procedures as to how ICOs should take place in the country. Will the ‘e-franc’ study take place? Will Swiss, like Venezuela, launch a state crypto after all?