Swiss government to take new stance on cryptocurrency and blockchain technology

The Swiss government, backed by the DVA, has unveiled their plans to revise the legal frameworks in place for cryptocurrency and blockchain technology

The Swiss government has recently unveiled plans to revise its position regarding the use of cryptocurrency and blockchain technology. In a bid to reap the benefits of this technology, government officials have amended strategies relaying to legal frameworks to enable such technologies to thrive.

In reference to the report outlined by the Swiss government, Swissinfo reported that the “main focus of the strategy is to incorporate decentralised digital tokens into the Swiss business infrastructure, particularly the financial sector.”

In the same post, Swissinfo state that rather than crafting new legislations, the Swiss government will instead amend existing laws to pave the way for the technology. This is a remarkable step forward not just for Switzerland, but the world as a whole, as more people will learn about the ever-expansive world of cryptocurrency and blockchain.

The announcement was also welcomed by the Crypto Valley Association (CVA). Swissinfo cited Mattia Rattagi, a spokesperson for the CVA, stating:

“We feel that this approach best represents the principle of technological neutrality and is in line with the position taken by the CVA in the consultation process. Crucially, this approach ensures maximum consistency within the current legal framework while keeping it principle based.”

This marks a positive step going forwards, as not only are governments beginning to recognise and understand the value that the technology brings, but it is seemingly becoming more and more widely accepted across the world.

For more information and guides from Coin Rivet, click here.

Related Articles

Axelar Protocol raises $3.75 million in seed funding

Decentralised interoperability company Axelar has announced the completion of a seed funding round with $3.75 million being raised. Investors included the likes of Binance X, the Binance Smart Chain...

Boson Protocol raises $350k in SAFE funding round

Blockchain-based commerce company Boson Protocol has successfully closed its SAFE funding round, raising a total of $350,000. The funding round saw participation from eight partners at leading Venture Capital...