Swiss parliament mulling over Bitcoin as foreign currency
The Swiss parliament has made a lot of headway since lawmaker Jean Christophe Schwaab first asked to look into cryptocurrencies back in September. Just three months ago, Schwaab was on record as describing Bitcoin as something for “geeks, criminals and special police units.” Fast forward to this week: Schwaab himself was among 45 Swiss parliament members who signed a proposal, or postulate, that would treat Bitcoin as a foreign currency. This could be a big step forward in legitimizing Bitcoin in Switzerland and Europe. Ultimately, it would allow the Swiss banking sector substantial peace....
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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,....
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....
The Swiss Parliament is considering a postulate that asks for bitcoin to be treated as any other foreign currency. The goal of the postulate, introduced by representative Thomas Weibel, is to eliminate ambiguities and increase legal certainty related to bitcoin. If it is approved by parliament, it will be submitted before the Federal Council, Switzerland's principal executive institution. If the Federal Council agrees that bitcoin should be treated like other foreign currencies, it will also evaluate how to implement the postulate. In addition, the executive was asked to examine the....
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Despite the growing interest digital currency employers have shown in paying their workers in bitcoin and its alternatives, a new report suggests that the practice may not be legal in Switzerland, one of the global leaders in banking and finance. Entitled 'The Legality of Wage Payment in Bitcoin under Swiss Labour Law', the report was penned by Swiss Socialist Party member Jean Christophe Schwaab, who was notably called upon to draft a study on the dangers of bitcoin last December. Schwaab's report could have broad implications, as it suggests that the payment of any potentially volatile....