Swiss Government to Write Report on Dangers of Bitcoin
The Federal Council of the Swiss government is to write a report on the dangers of bitcoin, examining the effects it could have on Switzerland's financial system and society in general. Jean Christophe Schwaab of the Swiss Socialist Party submitted the request for the report in a postulate back in September. At the time, he said he had submitted the request because he was concerned about the potential of bitcoin and other virtual currencies. Luzius Meisser, president of Bitcoin Association Switzerland, said Schwaab's postulate takes a wholly negative perspective, focusing on the risks of....
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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....
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....
Swiss Socialist Party parliamentarian Jean Christophe Schwaab submitted a request to the Swiss National Council seeking a report on Bitcoin, particularly on the digital currency’s potential and risks. Schwaab said Bitcoin’s ability to possibly facilitate money laundering is a concern. Switzerland, of course, is world famous for its banking industry. Schwaab acknowledged, too, that Bitcoin could be a good thing for Switzerland, but his concerns seemed to stem primarily from a piece of reporting in which a Swiss journalist was able to buy drugs with Bitcoin from the Silk Road. He said he....
The Swiss Financial Market Supervisory Authority (FINMA) has released an updated bitcoin factsheet, taking into account the findings of the Federal Council report. The FINMA factsheet outlines regulatory limitations and licensing requirements for bitcoin operators. Depending on the business model, bitcoin businesses may require a banking licence and some activities fall under money laundering regulations. Switzerland's Federal Council has published a report stating that, for the time being, it will not create legislation relating specifically to bitcoin or other digital currencies. The....
Although the draft for these new regulations has yet to be created, the government is hopeful they can shake up the Swiss banking sector. Regulation is always a double-edged blade. On the one hand, guidelines can help legalize new currencies and financial tools. At the same time, these rules can nip innovation in the bud at a very early stage. Switzerland wants to ease up on fintech regulation, which is excellent news for Bitcoin activity in the country. New rules have been proposed by the Swiss government to encourage fintech startups in the country. By easing these regulatory guidelines,....