New Trade organization Established In Switzerland to Promote Blockchain Technology
There is a new founded organization that has established itself in Switzerland, it is referred to as Capital-Markets-and-Technology-Association (CMTA). It was created to help in the facilitation of proper use of the blockchain technology within the financial markets. This is all according to a press that was published on June 12.
What To Know About The CMTA Company?
A group of individuals established the CMTA; it is from the Swiss leader in Geneva, this was all done in the online banking Swiss quote. A software provider Temenos and also the largest law firm in the country Lenz & Staehelin. According to the press, the CMTA was established to focus on creating the best open standards found in the market and even design toolkits that will be readily employed by various companies in order to raise the needed capital by applying the new technology and even digitalization.
A Commentary By The Chair
The chair of CMTA Jacques Iffland and also a partner in the Lenz & Staehelin firm made a comment on the company’s establishment. He said that the blockchain technology has proved to have the potential in reducing the complexity that exists in the capital markets system, and in turn also lower the barriers of entry that exits for the startups. In the market currently, there is a lack of legal certainty that is slowing down the development that could take place in the field, he states.
He continues to say that with a defined set of open standards that have been supported by the industry, then the CMTA aims to facilitate proper access to funding of businesses. As a result, this will be able to create value creation through the whole economy.
More About The CMTA Company
The company has reportedly been established as a not-for-profit and a non-government association that has several leading companies that are across various industry sector that has been put in its committee. The founding individuals of the company are active in several different areas, having each of them pursuing their own purposes with the whole process of integrating the blockchain technology.
For a long time, Switzerland has been attracting attention as being a Blockchain and crypt friendly country; this is all thanks to the crypto valley. The Crypto valley has become the center of blockchain, fintech and also the digital currency activity that is in the canton of Zug.
The Swiss-City-of-Zug recently announced that it will be conducting a blockchain technology powered trial municipal-vote during the summer. With the trial vote nearing, it will be able to implement a new system this is the city’s-digital-ID, called the eID, it is a system that was launched in November 2017. With this system in place, it is able to allow the citizens to vote through their mobile phones very easily.
Prior this week, the whole country was able to vote, and this was against a referendum that was all about the sovereign money. If this referendum had passed, then the referendum would give the central bank sole control in the creation of money in the country. Thus, all this would have also disqualified the currency used by commercial banks in the country from creation money that could be used for loan and credit card purposes.