Swiss National Bank Says Cryptocurrencies Too Nascent To Issue E- Franc

Thomas Moser, the board director of Swiss National Bank (SNB), while tending to Crypto Valley blockchain conference in Zug said that blockchain technology and digital currencies are as of now dreadfully incipient for the Swiss Central Bank to think about issuing a digital franc.

Moser response comes in accordance with SNB repeated message FT that it didn’t consider any requirement for such a move. While resounding his point, he related blockchain in its present form to the “useless innovation” of compact discs (CDs). As indicated by him “People will only switch to something new if it works better or is cheaper” as they did on account of the music distribution industry.

As indicated by him, the digitization of music just ended up valuable and reasonable once the development of streaming changed the landscape by giving a totally new model to consumers. While Moser killed SNB enthusiasm for blockchain currencies for years to come, he admitted that the hidden innovation could hold promise, however just once it “looks very different from what it does today”.

Over several months there has been mounting calls for Switzerland, which is called by numerous specialists as “Crypto Nation”, to present a blockchain-based national digital currency. Romeo Lacher, chairman of the SIX Group that works the Swiss stock exchange, as of late added to the debate by including that

“An e-franc under the control of the central bank would create a lot of synergies – so it would be good for the economy,” he told the Financial Times newspaper. “I don’t like cash.”

Prior in June, Fintech Rockers think tank Swiss financial experts issued its vision of a Crypto Franc to be kept running on a national blockchain and issued by the SNB.

Fintech Rockers proposal as quoted

“Such blockchain infrastructure carried jointly by all Swiss cantons, will have an equivalent catalyst effect as the initial introduction of the railway system or the creation of the Gotthard tunnel during the age of industrialization,” the document stated.

With all the buzz going around SNB has always maintained a stance of being “not interested “in issuing E Franc and now Thomas Moser statement is just an addition to it.


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