Both Switzerland and Liechtenstein have big plans to become the first and the biggest hub for Financial technology and the implementation of Blockchain in the world. This is possible due to the fact that different parties, such as the Government, the public sector and the private sector are focused on using the technology not only for transactions but also improving the working system of their firms.
According to Crypto Valley Association’s (CVA) Chairman of the working group Policy & Regulation, Dr Rattagg “The CVA welcomes the release of the Federal Council’s report, and is entirely in tune with its goal to create the best possible framework conditions for “Crypto Nation Switzerland,” while underlining the country’s integrity and reputation as a financial centre and business location. It is positive that this is to be achieved through targeted adjustments to the existing legal framework – instead of issuing completely new laws.” His statement exemplifies the fact that Switzerland’s regulatory framework for Cryptocurrency and Blockchain technology will be a major factor of the country’s future, as well as source of development and growth for the economy.
Nationalization of crypto currencies by Switzerland will make it the world’s first “Crypto Nation”, a nation where cryptocurrency is involved in all its major financial exchanges.
This innovation will bring changes within the country’s economy, and so far Switzerland has proven to be the pioneer of Blockchain due to the unparalleled number of companies and different institutions or private and public sectors using the technology within its borders.
On the other side, Liechtenstein is not left behind, because its government created a special working group that is developing a “Blockchain Act” expected to favor the growth of its many companies and firms. This will boost the country’s economy due to the fact that the Cryptocurrency might be the future of Liechtenstein’s exchange activities and processes under the Blockchain.
"Blockchain will change a lot of things. It could even help make our state more efficient the way it is administered", said Liechtenstein’s Crown Prince, who is very interested in the way blockchain, the ledger technology which underpins bitcoin, could be used as a way of improving administrative tasks in the country.
In general, Switzerland and Liechtenstein are among the leading nations on Blockchain implementation, home to the greatest number of its public and private sector entities and institutions involved with the technology on a daily basis.