Swiss Report Lays Foundation for Bitcoin to Become Legal Money
Switzerland's Federal Council, the nation's seven-member executive branch, issued a new 25-page report on digital currencies yesterday, which sought to broadly define how it believes specific bitcoin businesses should be regulated under existing law. The news comes as a result of a September request by Swiss Socialist Party member Jean Christophe Schwaab for the organisation to pen the report, one which was formally accepted as an initiative by the Federal Council in December. The Federal Council has the ability to create ordinances, but only the parliament is able to create legislation,....
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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....
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....
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After months of regulatory uncertainty in the Chinese Bitcoin community, the People's Bank of China has announced their first major report regarding the legal and regulatory status of Bitcoin. The document, which can be seen as a parallel of the similar report drafted by FINCEN in March this year, is the first to officially classify Bitcoin in the eyes of the Chinese government, and lays out the restrictions on what Bitcoin-related services various categories of businesses and institutions in China are allowed to provide. The document, translated into English on Reddit, has five sections,....
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