Several Swiss crypto users are becoming bankers too, seeing more value and opportunity in both spaces. Not surprisingly, Swiss banks are not exactly excited about the new move. Early this year, finance ministers from the G20 held a meeting in Argentina, at which time the Swiss stance on cryptocurrency was made clear. Switzerland sees cryptocurrency as an essential financial avenue with massive amounts of potential.
Financial leaders in the country have jumped ship from Credit Suisse, the largest financial institution in Switzerland. Many of them have already made a move into the cryptocurrency sphere in the last year, with as many as eleven high-ups leaving the Swiss company.
There have been several startups in the country, many of which taking hold in what has become known as Swiss valley, the European equivalent to California’s tech hub. Swiss Valley still has a lot of work that needs to complete before it can be on the same level as the tech center of California, but it’s still in the works. Many of the individuals like Raymond J. Baer, a relative of Julius Baer, the private Swiss banker.
All the people on the board have a background in finance, the new-found power of the company comes with the balanced mix of financial specialists and technology wizards who can implement their ideas. The new move makes sense, since cryptocurrency is along the same lines as banking, giving everybody healthy relations.
Many banks in Switzerland are afraid to enter the arena; there's too much risk involved. After all, the banks in Switzerland still make up at least 25% all worldwide offshore markets. Switzerland not being a big country hold much of the world's wealth, yes considerably quiet about it. Switzerland is forward-thinking, considered to be one of the economic hubs of the world, no place like it.
The country also has some of the best laws for cryptocurrency investors, and the reason is that banks are independent of the central government. The freedom makes finances in the country independent of control. There is no way that a politician can force a bank to accept cryptocurrency since they do not regulate it.
The country doesn't need any more banks; they've got enough. If cryptocurrencies are safe enough, Switzerland doesn't see a need for any banks whatsoever, at least according to some of the clients and custodians of finance. It's only a matter of time banks who don't partake in cryptocurrency become obsolete in Switzerland.
The banks quietly investigate Bitcoin and other digital assets to determine how best to incorporate them into their existing systems. Even the banks that don't claim to or deny it tends to be very active behind closed doors when it comes to cryptocurrency. There are already strict regulations with money, therefore, it doesn't need much more set-in place to make cryptocurrency safe for everyone to use.
Will bankers in other countries follow the footsteps of Swiss bankers? Leave your answers in the comment section below.