Bitcoin Forum

Switzerland Government Plans To Create A National Digital Currency

Ministry of Finance of Switzerland is creating the report on risks and advantages of creating national digital currency at the request of Federal council of the government.

The initiative of carrying out a research was taken by the vice-president of Social democratic party Cedric Wermuth.
"The Federal Council is aware of the serious challenges, both legal and monetary, that will be associated with the use of e-francs. The Council asks the lower house of parliament to accept his offer in order to assess the risks and opportunities of the e-franc and determine the legal, economic and financial aspects of the e-franc," the ministry said.
It should be noted that the idea of ​​creating a national digital currency in Switzerland announced back in February by the chairman of the Swiss Stock Exchange SIX Romeo Lacher. Then he said that the e-franc controlled by the Central Bank will become the basis for a large number of interactions and will have a positive impact on the economy..https://en.bit.news/switzerland-government-will-consider-possibility-creating-national-digital-currency/

Governments across the world seem to be waking up to the benefits of cryptocurrencies, but they do not want to have decentralized cryptocurrencies. The same drawbacks of the current fiat system will be present in the new government cryptocurrencies as well. It is surprising that governments do not realize that it is the acceptance by people that gives value to these cryptocurrencies.

Governments know that, don't worry, they just don't care. If they tie their fiat currencies to a permission based ledger token, they will be able to obtain more control than ever before when it comes to money flows, people's savings, regular transactions, etc. Instead of relying on a bunch of greedy banks to monitor everything, governments won't even need banks anymore to do the job.

As much as we can benefit from all developments concerning crypto currencies and blockchain, so can governments and banks. They have the advantage that they already control the market and everything around it, so the transition to digital currency tokens won't be that much of a hassle in the end. Sheeples will obtain more convenience due to the advantages these tokens will offer, but don't know how high the price is that they pay for it.

Governments were talking about digital currencies long before even Bitcoin was created, and from the article it's unclear if they are talking about cryptocurrency or some other type. And we all know that majority of today's transactions is digital, so technically national currencies are already digital, and war on cash is waged by many governments. There's no need to create some new national digital currency, because it would only complicate things with existing national currency.

More and more national digital currency is roaming around the news, I just wonder what happens if all countries build their own national currency, this make everything just good, since it is like we are traveling around the world with bank and exchanger with us with just one switch on your phone and computer then you can exchange your money into any currency or coin.

Government in some countries are living up to expectations regarding to creation of digital currencies Venezuela had launched petro, Switzerland is also coming up with it own this is a wake up call to all other governments to seize this opportunities and tap into the potentials of using digital currencies for business transactions and as a store of values.