A high-profile official representing Switzerland’s National Council has made more far-reaching comments regarding the potential uses for blockchain and crypto technologies. J.N. Schneider-Ammann, a former member of the board of governors at both the Asian Infrastructure Investment Bank and the European Bank for Infrastructure and Development, made the comments at the Crypto Valley Conference in Zug, Switzerland.
Mr Schneider-Ammann stated that blockchain “will penetrate our entire economy” and compared the potential of blockchain to that of the internet. He did note, however, that there is still significant work to do in developing infrastructure and knowledge in the sector to nurture the technology’s potential and mitigate risk. Focusing particularly on the need for a broadening of education and training and on the development of regulatory tools, Mr Schneider-Amman’s comments feed easily into a wider narrative around the mainstream adoption of blockchain tech, and as such are likely to be welcomed by many in the crypto community.
Switzerland is well known for its relaxed attitude towards taxation and regulation, with its financial institutions currently holding some $2 trillion in offshore deposits from all over the world. In recent years, the country has gained further renown for its approach to crypto, with aggressive investment supporting the development of Crypto Valley in Zug, trailblazing work in developing crypto regulation and the country’s ongoing efforts to nurture ICOs and blockchain projects. The latter has contributed to an impressive share of the global ICO funding pot, with Switzerland generating over $500 million from ICOs in 2017 alone. Mr Schneider-Amman’s comments will offer reassurance to the broader community that these efforts seem set to continue and that the country remains bullish on blockchain.
