Swiss Government Requests Study on State-Backed Digital Currency

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The bank’s chairman Axel Weber called for stricter controls on cryptocurrencies, stating "[cryptocurrencies] are often not transparent and, therefore, open to being abused.”Other countries have also begun considering the possibility of a national digital currency. Now, the lower house of the Swiss parliament has to decide whether to support the Federal Council’s request for research. Should the proposal be approved, the Swiss Finance Ministry will conduct a study on the subject. The Federal Council of the Government of Switzerland has requested a report on the risks and opportunities of introducing its own state-backed digital currency, or so called “e-franc”, Reuters reported May 17.The Federal Council moved to investigate the subject at the prompt of Swiss lawmaker and vice-president of the Social Democratic Party, Cedric Wermuth. Sweden’s Riksbank is investigating whether they should issue an e-krona, as the use of physical banknotes in the country continue to decline.

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The Federal Council of the Government of Switzerland has requested a report on the risks and opportunities of introducing its own state-backed digital currency, or so called “e-franc”, Reuters reported May 17.

The Federal Council moved to investigate the subject at the prompt of Swiss lawmaker and vice-president of the Social Democratic Party, Cedric Wermuth. Now, the lower house of the Swiss parliament has to decide whether to support the Federal Council’s request for research. Should the proposal be approved, the Swiss Finance Ministry will conduct a study on the subject. No time frame has been published regarding the process. The Council stated:

“The Federal Council is aware of the major challenges, both legal and monetary, which would be accompanied by the use...

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