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ETH/USD $ 1796.60
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MKR/USD $ 630.44
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WBTC/USD $ 26739.6
COMP/USD $ 35.00
AAVE/USD $ 62.48
ZEC/USD $ 33.10
ICP/USD $ 5.19
TRB/USD $ 11.87
ETC/USD $ 18.36
NMR/USD $ 13.50
BAL/USD $ 5.42
LINK/USD $ 6.62
REP/USD $ 6.88
UNI/USD $ 5.15
ATOM/USD $ 10.78
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BAND/USD $ 1.47
EOS/USD $ 0.8928
OMG/USD $ 0.8033
RLC/USD $ 1.56
MIR/USD $ 0.05600
BNT/USD $ 0.4149
XTZ/USD $ 0.8899
CGLD/USD $ 1.74
1INCH/USD $ 0.4109
CRV/USD $ 0.8177
KNC/USD $ 0.6039
ENJ/USD $ 0.3523
MATIC/USD $ 0.8601
STORJ/USD $ 0.3080
ZRX/USD $ 0.2240
ALGO/USD $ 0.1679
GRT/USD $ 0.1221
OGN/USD $ 0.09479
CTSI/USD $ 0.1985
MANA/USD $ 0.5062
BAT/USD $ 0.2212
DAI/USD $ 1.00
USDC/USD $ 0.9998
REN/USD $ 0.07770
XLM/USD $ 0.08778
NKN/USD $ 0.09859
OXT/USD $ 0.06790
LRC/USD $ 0.2967
SKL/USD $ 0.03220
CVC/USD $ 0.08861
SAND/USD $ 0.5290
NU/USD $ 0.1500
GNT/USD $ 0.00000001
DNT/USD $ 0.02720
ANKR/USD $ 0.02588
LOOM/USD $ 0.05156
AMP/USD $ 0.002960
MANY/USD $ 0.3509
WTK/USD $ 0.02170
POSI/USD $ 0.02355
WINR/USD $ 0.00003100
DEFT/USD $ 0.00002080
ISA/USD $ 0.0001070
RULER/USD $ 0.006669
SPORE/USD $ 0.9137
DEFLCT/USD $ 0.7343
HVE/USD $ 0.0004395
JCB/USD $ 0.00004900
FWC/USD $ 0.00000000008000
FDC/USD $ 0.00000021
YETI/USD $ 0.003856
SMR/USD $ 0.06492
Edward Kelso 18 May, 2018 bitcoin.com Views: 362
Reuters reported Switzerland is formally considering the possibility of a state-backed cryptocurrency. Its government has asked legislators commission a study on the pros and cons of a Swiss “e-franc.”
Switzerland’s Federal Council explained why it was asking for a formal study of state backed cryptocurrency. “The Federal Council is aware of the major challenges, both legal and monetary, which would be accompanied by the use of an e-franc. It asks that the proposal be adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.”
Andréa MaechlerThat appears to be quite a turnaround for the Swiss. As little as just over a month ago, its central bank was making statements about crypto’s inherent instability. “Digital central bank money for the general public is not necessary to ensure an efficient system for cashless retail payments. It would deliver scarcely any advantages, but would give rise to incalculable risks with regard to financial stability,” warned Andréa Maechler of the country’s national bank.
Nevertheless, the next step in the process involves parliament’s lower house. It will ultimately decide whether the request moves forward. Most countries considering the idea openly have sought state backed crypto as a means to run afoul of economic sanctions or as a way to deaden domestic enthusiasm for a currency beyond government control. Sanctions are not an issue for Switzerland, and the government has been rather open to the crypto revolution, comparatively.
Venezuela is the most recent and notorious example of state backed crypto, and the only country to have implemented the idea. It launched the petro as a clear poke at US policy made against its present administration. The Maduro government used an ERC-20 token platform to launch the state backed crypto, which Mr. Maduro insists will be ultimately backed by barrels of oil. In addition, the government has announced special initiatives and incentives to encourage Venezuelans to adopt its usage. In the tightly controlled media of the country, figures and facts on the ground are hard to substantiate in terms of petro’s success. For its part, the Trump administration was unnerved enough to issue an Executive Order formally forbidding US citizens from holding the petro.
Cédric WermuthRegionally closer, Sweden has taken similar steps to that of Switzerland. Riksbank seems to be in an overt process of encouraging a completely cashless society, and Swedes appear eager to follow. A natural evolution of that idea, and to keep its citizens under the careful eye of government minders, a state backed crypto might just be the answer.
Again, a Swiss crypto is by no means a foregone conclusion. Though influential politicians like Cédric Wermuth, Social Democratic Party vice president, have encouraged the study, the idea faces legislative obstacles. As Reuters notes, “In Switzerland, if the proposal is approved, a study will be produced by the Swiss finance ministry. No timing has been given on when it would be published should the go-ahead be given.”
What do you think about state backed cryptocurrencies? Let us know what you think about this subject in the comments below.??
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