Think Tanks’ Blockchain After the Hype Report Urges Swiss National Bank to Make a Cryptocurrency
One of the most powerful and influential think tanks in Switzerland, Avenir Suisse, has recently reported that the organization was pushing forward the country and its central bank, the Swiss National Bank, in order to create national crypto.
On a report called Blockchain After the Hype, the group proposed a Central Bank-emitted crypto which would be based on the blockchain technology. According to them, the new move in order to be able to go forward with this idea would be to create a “franc token” that would be fully controlled by the central bank. Therefore, it would be a very centralized coin.
The model proposed by the group suggested that the government should have created a stablecoin. With this move, they believe, Switzerland would finally be able to become a real “blockchain nation” and help it to open the door for enabling the trading of these assets.
According to the report, it would be easy for tokenized securities and other similar assets to be a part of the country’s economic system this way, mostly because there would be something similar being done at the same time.
Even if the asset was centralized, which would obviously enrage some crypto fans, this is seen by the think tank as a way that other groups could start their own businesses and help to move the blockchain forward in the local financial industry, which would certainly put the country ahead of several other European countries.
Avenir Suisse also affirmed that this would turn Switzerland into an important pioneer in the market and that the “relatively small capital market” of the country would be able to expand a lot this way.
The report comes after a long period of around a year in which the central bank talked about how cryptos and other tokenized assets, as well as the distributed ledger technology, could impact the whole financial world. The publication also affirms that the country really needs to create a framework that could help it to be adapted to the new technologies which are emerging.
According to the think tank, the law needs to be changed in order to be compatible with the distributed ledger technology in some of the areas in which it is still not. Because of this, it is important to be able to adapt to the changes which are not really supported by the current legislation.
At the moment, the official stance of the bank is currently neutral about these assets. The government believes that they are not a threat, but it is still unsure about whether they are really so good. Recently, the bank promoted the Conference of Cryptoassets and Financial Innovation, which discussed these themes.
Avenir Suisse finished its report by affirming that despite Switzerland being often known as the Crypto Valley, the country is still far from enough engaged in innovation and that this move could be great for moving forward past the point in which most countries already are.