500,000 Swiss Vote in Favor of a Blockchain-based Financial System
Switzerland recently had a campaign to see how the country will develop its traditional financial system. The votes have been tallied up and it appears that majority of the Swiss people have rejected the idea altogether. However, almost 500,000 or 25% of the poll, consists of individuals who have voted for it.
The effort, which was called the Sovereign Money Initiative was in place to limit commercial banks, especially when it comes to their involvement in electronically creating money. In particular, if the plan won, it would prevent banks from creating more money when their limit of deposits has been exceeded.
It appears that Emma Dawnay, board member of MoMo, the entity that proposed this respective plan, trusts that cryptocurrencies and blockchain will have its own place in the future. In particular, she stated, “Cryptocurrency and the blockchain does look like where we’re heading… could have been used under the system we were proposing”.
In addition, she believes that the digital currency is an interesting approach to avoid debt while creating money. She added, “Despite the vote losing, the Swiss central bank is looking at similar things.”
As per existing information, the Swiss central bank has already been considering the use of blockchain for better tracking its services, whereas the Swiss National Bank, according to its president, Thomas Jordan, will eventually be using the distributed ledger technology (DLT) for transferring money.
The Swiss city, Zug, is also in the process of implementing a vote based on blockchain, calling the project “Crypto Valley”, between June 25th and July 1st.
Dawnay makes an important statement regarding Swiss people altogether, saying that, “Before we can expect change, we need to educate people about how money is created and the established instituitions which benefit from it.”
This is important mainly because many consumers truly don’t know what cryptocurrency and blockchain technology is all about and this only leads to increased skepticism, eventually forcing a potential, innovative technology out of existence.
Despite the result from the voting, MoMo will continue towards making a blockchain-based financial system a reality, as they believe that “The discussion is only just getting started” and that their goal of ensuring that “money should be in the service of the people and not the other way around” is something they will not easily give up on.