Bitcoin Forum

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

I don't think that banking to be the new home of crypto currency and i am more comfort call crypto currency with bitcoins because bitcoins can be trusted than other altcoins, the banking adopt blockchains technology and not bitcoins become currency on their business, there are many blockchains technology can be adopted by banking for example blockchains of ethereum and it is mean banking system continues to control currency (fiat currencies and not digital currencies are like bitcoins, ethereum, litecoin and more).

The Swiss lawmakers seem to be taking some steps to regulate cryptocurrency and fintech in general. We will have to wait for the final shape of their regulatory measures, before passing judgment on how effective it is. If it is as bad as Bitlicence, it could result in crypto-currency users avoiding Switzerland like the plague.  :P

No, i don't.
It's not good, How you can give a free money to the bank and let them control it? Almost the hyperledger can be an evidence for that.
Your privacy has held by the government again.

Damn, die Polizei saw the 12 words in my brain. Run for it!

first of all you know that your "home of banking" is required by the new law to provide all the information of their customers to the IRS and other agencies before they even request it. it is done automatically now.

second of all cryptocurrencies do not need a home. they are decentralized and global and every one uses them and their home is in everybody's home.

Notice that they don't send any data regarding customers with 1.000.000 $ +
Beside of that, i don't think they will ever be the "home of crypto" as taxation is not appliable unless they find a way to make bitcoin taxable, or, if they create a taxable crypto, in this case, i don't think that it will ever be used, or traded.
so, basically, no, i don't think so.

Switzerland is known for their banking system and I doubt if they are suited for crypto currency because both industries contradicts each other,I prefer it to be in a country where crypto currency is popularly used and welcome.

The home of cryptocurrency will be the internet. No where else but here. There is no point in having a physical hub for bitcoins or other cryptocurrencies. It is decentralized, having a center for it would mean that there would be control over it. Maybe not in how it works, but probably in other aspects of crypto.

I don't think this post is about centralization, i think that if a switzern bank launches her own crypto, it will be a centralized one for sure, because as long as bank/institution/country releases a crypto, then they have to prelevate taxes on it, because else, it won't be reliable for them as it is an investment, they won't play with their crypto price.

Maybe I think this post about centralization. I think the purpose of the OP is if Switzerland was home all crypto such as storing wealth a lot of people around the world. To launch a crypto I believe all banks / countries can make it, but if it becomes home all crypto I think not. Because Crypto is a virtual currency that is used as an alternative currency that typically are decentralized. This means that no party governing both from the government or the owner of crypto.

Switzerland is locked into all sorts of EU rules as it is in the EU custom union (they recently had a referendum to stop free movement of people and the EU forced them to ignore it).

Basically the UK would be a better bet for the home of cryptocurrency are they are going to Hard Brexit and ignore EU rules altogether.

They have trust issues. They outed all of their private banking customers (the US forced them to) so nobody wants to do anything with the swiss

Didn't Ethereum move from Canada to Switzerland to avoid regulation and prying eyes?  Switzerland has always been known for a safe haven for money and unscrupulous activity.

This is misinformed opinion. Along with Norway and Iceland (and the UK soon), Switzerland is one of the only Western European country out of the European Union. Of course there will always be political pressure from the EU, but this is also true for the US as any other major economic pole in the world.

The EU didn't force anything, they threatened to revoke many bilateral (peer-to-peer) treaties if the immigration policies between Switzerland and the EU were to be restricted. It did not happen, and status quo prevailed.

This has much to do with politics and little to do with economy.


The UK seems to be very keen on enforcing any US policy in general. Compare the legal situation on copyright infringement.

In Switzerland, you will find that downloading copyrighted material is legal, and uploading them may theoretically at worst make you the defendant in a civil lawsuit. In practice, if you're just a petty home downloader, you can safely ignore any cease and desist or legal threat with a settlement invoice, although they are very seldom even sent out. The fear tactics may work on some people (they may just pay up), but I really wouldn't care much about these.

One of the three judges of the "supreme court" (Federal court) has publicly stated that he does not feel like lawsuits are the appropriate "tool" to fight illegal download on the internet, and to this day AFAIK no law firm has even attempted to set any legal precedent.

In the UK, I believe even downloading copyright material is a criminal offense that exposes you to much more trouble. The law is much more restrictive in terms of internet freedom, for example nationwide censorship is applied to nationwide internet providers (governmental blacklist), every other year some enlightened judge threatens to ban porn from the UK internet altogether, etc.

Yeah, that is true, but look what happened after 2008. When you have a central figure in tax safe havens, it is much easier for countries to know where to look when they want to come down on it. It may sound good, and many altcoins have started to move to Switzerland on that premise, but what happens when the governments want to come down hard on cryptocurrency? Or just spy on it, infiltrate it. They only need to keep their eye on the growing altcoin district in Switzerland.

I truly believe it is a bad move and over time could create a regulated system that looks just like the banking system. Governments have infiltrated Swiss banks for years. They just don't make it known because they also use those banks for their own shady business. I bet the US alone has there eye constantly on both Switzerland and Panama and it would only take a quick transition to spying on altcoins. That is, if they haven't started already to infiltrate.

I'd rather a home base of operation in a country where everyone would have to be up front about transparency, instead of a country where banks make secret pacts with governments that the people never know about.

Indeed, if all crypto will be left into the hands of a central authority like switzerland then there would be centralization. Think about it like this, every crypto is landed on switzerland, hence they all must comply with the laws of the place. If they don't they will be booted out. This is one of the main reasons why crypto must remain in the internet. It should remain digital.

I believe this is not possible. Cryptocurrency is not central and banks are not. They cannot control cryptocurrencies because its decentralize. They are different in purpose. But if they do that. Why not? Theres still room for changes. Banks should adapt blockchain technology. Thats should they do.

A good answer, the main factor cryptocurrency can not use is the issue of decentralization. If the State can't do full control of money in circulation is certainly the country will be controlled by speculators, it is very dangerous and could make the country's economy devastated. I think cryptocurrency is one of a very good commodity products.

its not a good idea for me. even if its effective, it won't make btc users submit to it. people spend money for privacy and anonymity.
the rest of us probably joined the herd all because they want to avoid tax, we've earned the bitcoin thru inflation, its not going to be fair.

Then its good if theres a bank which is accepting bitcoin. The thing is, is there such banks like that? Is it really possible for a bank to accept bitcoin? I guess its a bad idea. Bitcoin is not mean for banks that is centralize. Which means they have no control over bitcoin. If they gonna do that. Then, thats a good news. This is gonna be the first bank which is bitcoin friendly.

Yups very right, if there is centralization in bitcoin surely there will be many changes in bitcoin and will not be like this again. And we must also remember that the crypto-making is to become a freely convertible currency of any party and become a digital currency. So it is impossible to make into centralization because it will change the main purpose.

well i believe banking system will continue controlling currency for the foreseeable future and nothing can change that because people are quite happy with how things are and they are not seeking any change.

but as cryptocurrencies go, i have seen some action in Switzerland that looked so promising for the future of them but i have seem much more in other countries.

cryptocurrency is different than banking system and if the bank want to adopt the blockchain technology then the bank should learn first about the technology so they can apply with their system and this is the only way to integrated with blockchain technology because the each system of the technologies really not same between one with another.

If any country has potential to be home of Crypto Switzerland is fit the bill, you can see that some of these ICOs company are going to Switzerland to register there and take advantage of the law overthere, Ethereum, Slockit and recently Wings team

Swiss is very good for crypto!

WBB is based there!  8)

It will eventually become a crypto currency heaven just like it has become a tax haven for all the money people out there. Everyone involved in bitcoin will live in Switzerland as new elite while paying little taxes. This will push the rest of the countries to lower the taxes if they dont want to see all the bitcoin wealth leave.

there are a lot of examples why switzerland will play a role in Blockchain.

1. https://lykke.com
Lykke Wallet is a key element of the Lykke trading ecosystem. The Lykke Wallet iOS and Android apps make it simple for you to buy and sell digital currencies and assets on the Lykke Exchange, our next-generation trading platform with zero commission. Immediate settlement and direct ownership are enabled by distributed ledger technology. Now anyone can trade easily!

2. http://www.cryptovalleyzug.net
Thriving Fintech Ecosystem

Cryptocurrencies, Blockchain, Digital Identities/ Certificates, encryption algorithms and other innovative technologies drive the social and economic process of digitalization. They foster the free and uncomplicated B2B and B2C exchange of goods and value. They support stability, trust and security in the web and in the economy.
The Crypto Valley Zug is an ecosystem in the Swiss canton of Zug, which thrives and grows on the diversity and dynamics of its inhabitants and companies. Everyone is Welcome. From bringing together schools, media, venture capital/ private equity, established IT firms and young start-ups, a new attractive competency-cluster is formed that is already and successfully facing international competition heads on.

I couldn't agree with you more, Switzerland is the home of banking and they can be trusted with any currency on this planet including cryptocurrencies because of their long standing reputation and the laws are lenient so no country fits better folks.

Yes. Switzerland has always been known for its "numbered accounts".  Meaning its a great place to hide money. Why not cryptocurrencies too?

If you need to hide money or operate in a country that condones it, there is most likely something shady going on.

My initial reaction was that is impossible. But I searched and I found that Zug a small town in Switzerland is the first one in the world which accepts bitcoin up to 200 CHF for government services. I believe that the success of Switzerland in the global financial and banking sector is partly due to the open mind decisions and friendly policies when dealing with money. For this reason some describe the land between Zyrich and Zug as 'crypto -valley' compared to silicon valley in California http://www.coindesk.com/blockchain-innovation-switzerland-crypto-valley-new-york/.

and you can buy BTC at every train station.

https://www.sbb.ch/en/station-services/services/further-services/bitcoin.marketingurl_$$$en$$$bitcoin.html

iam believed switzerland bank
but not swiss coin, and swiss bank never create coin or swisscoin
but someday switzerland bank create coin iam very believed

There is an adage that says you can't change the skin of a leopard. Things like this is what Switzerland is known for and its even soothe their business model, I expect crypto-business like boom in the country soon

   Switzerland is very advanced country, they are interested in crypto world for a long time. 'The Swiss Government is Paving the Way for Crypto Banks' this is headline from one news on coindesk few months ago. They  are encouraging crypto currency and blockchain development in their country, and that is very positive news for bitcoin. Switzerland is much smaller then China, USA, Russia, but they can have a big role in blockchain I think.