Zug is also one of the places where business and technological development continues to be growing constantly. So, Switzerland’s Economic Minister wants to see the nation to lead the world in the cryptocurrency, bitcoin innovation.
According to the reports, Johann Schneider-Ammann, Switzerland’s economics minister has told that the landlocked country should become the ‘crypto-nation’ if practices in the Canton of Zug, colloquially which is also known as Crypto Valley, is remaining positive. He made an announcement in an interview with the news SRF, and he also spoke regarding the Finance Conference in St. Moritz.
He said he has influenced the charge in many innovative sectors over the years, and with the cryptocurrencies including the part of the fourth industrial revolution and it can also make the country to move towards the lead front as well.
“The circles that deal with it” so that they can help determine whether or not cryptocurrencies (and presumably their underlying blockchain technology) represent “a future business with future jobs or not.”
Though he mostly handled himself from magnifying the technology outright, he told that banks which dismiss cryptocurrency fever as nothing more than hype are doing so out of “professional” concerns, as the digital assets approach to “directly” affect their field of business. If the risks of the technology determine to exceed its benefits, though, Swiss authorities would then rather “do without” it.
He said, “It is too early” to say whether cryptocurrencies justify regulation or not.
According to the recent-formed blockchain working group, which is staffed by the members expressed from the State Secretariat for the International Financial, the Financial Market Authority, and the Federal Office of Justice, he mentioned that the body will provide the guidance on the look and to make recommendations as to where new directions might move towards.