Swiss Federal State Could See its Own Digital Currency
Ticino, a federal state in southern tip of Switzerland could soon see its very own local digital currency called ‘Ticinocoin’, if the two computer scientists behind the cryptocurrency had their way. Sharing a border with Italy as its neighbor, the canton (federal state) of Ticino is a predominantly Italian-speaking region in the south of Switzerland. The goal is to value a single unit of TicinoCoin (TIC) to the equivalent of one Swiss franc, according to the Tribune deGeneve. Deployment or issuance of TICs would require approval by FINMA, Switzerland’s financial regulator that isn’t averse....
Related News
In early December there was a mention of members in the Swiss Parliament wanting to treat bitcoin as a foreign currency. In that article, we wrote, "Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency." Now, the Swiss Parliament is gearing up to vote on proposals that treat the digital currency as such. According to Finextra, "If approved by Parliament, the questions will be posed to the Swiss executive arm of government, the Federal Council for judgment." Approval from high office could set an example to other governments,....
Bitcoin Association Switzerland reports that, according to the Swiss Federal Tax Administration, no VAT applies to bitcoin in Switzerland. The transfer of bitcoin doesn't constitute delivery of goods or services, and therefore it's not subject to VAT."This is the most reasonable way to classify bitcoins in the context of VAT, and we are fortunate that the tax administration agrees with our view," says Luzius Meisser, president of Bitcoin Association Switzerland. "Bitcoin is a currency, and thus should also be treated like a currency."In February 2014, a group of three Swiss Bitcoin....
While bitcoin has had the history of being seen as a voucher in the United Kingdom and a hobby in places like China, Switzerland is taking a much difference approach. Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency (that effectively puts the cryptocurrency in the same boat as the United States dollar or the Chinese yuan). This postulate is also the beginning of research into what kinds of opportunities bitcoin can hold for Swiss finance. According to this post on Bitcointalk, "The next formal step is for the Swiss....
Successful or not, the vote will bring crypto education to people who are not yet Bitcoin-savvy, 2B4CH founder said. 2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies like Bitcoin (BTC) and blockchain technology, is launching an initiative to potentially make Bitcoin one the country’s reserve assets.On Oct. 8, the association announced plans to start a federal popular initiative aiming to collect 100,000 signatures for introduction of Bitcoin to the article 99 clause 3 of the Swiss federal constitution.The initiative specifically proposes to add Bitcoin....
A member of Switzerland's federal parliament has made a submission to the country's National Council asking it to write a report on bitcoin. Jean Christophe Schwaab of the Swiss Socialist Party said he submitted the request because he is concerned about the potential of bitcoin. "It's difficult to know at this stage exactly what bitcoin is and what it is capable of becoming. That's why I want the government to look at the bitcoin market and and what the dangers are," he said. Schwaab went on to say he thinks there is real danger of bitcoin enabling money laundering and other criminal....