New Trade Organization to Promote Blockchain Established in Switzerland
Another association called the Capital Markets and Technology Association (CMTA) has been formed in Switzerland so as to encourage the utilization of blockchain innovation in financial markets, according to an official statement released on the 12th of June.
The CMTA was set up in Geneva by swiss leader in online banking swissquote, Temenos market software provider, and the nation’s biggest law office Lenz and Staehelin. As indicated by the official statement, the CMTA will concentrate on making open standard and toolboxes that can be utilized by different sorts of organizations to raise capital by applying new advancements and digitalization.
Jacques Iffland, CMTA’s seat, and partner at Lenz and Staehelin commented on the organization’s foundation:
“The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups. The current lack of legal certainty is slowing – and potentially compromising – its development in this field. By defining a set of industry-supported, open standards, the CMTA aims to facilitate access to funding for businesses, ultimately contributing to value creation throughout the economy.”
The CMTA has supposedly been set up as a not-for-benefit, non-governmental association, with big organizations from across over various industry divisions on its committee. The establishing parties are dynamic in various territories, and every one of them seeks after their own motivations with the integration of blockchain.
Switzerland has for quite some time been drawing in attention as a crypto and blockchain-friendly nation because of the “Crypto Valley,” a focal point of fintech, blockchain, and digital currency activity in the canton of Zug.
This summer, The Swiss city of Zug declared it will lead a blockchain-powered trail municipal vote. The forthcoming preliminary vote will execute the city’s digital ID (eID) system that was launched in November 2017. The system will enable people to vote through their cell phones.
Not long ago, the nation voted against the alleged “sovereign money” referendum, which had it passed, would have given the country’s national bank sole control over making money, precluding business banks from “creation” of money for credit and loan purposes.
