Swiss Central Bank Declines Idea On Cryptocurrency Again

Photo from Liberty Lawsite

Schweizerische National Bank board director Thomas Moser once said at the Crypto Valley Conference that it’s really not a good time to talk about issuing a type of national cryptocurrency for the country.

He said that the idea of a blockchain is similar to the compact discs which he called as a “useless innovation”.

Eventually, the invention of smartphone became the leading product in the market where it replaced a number of gadgets which we used around. Moser goes by his belief that even though launching a national cryptocurrency in the country would not be feasible as it is practically “in beta”, the blockchain technology can still go a long way.

He also said that Bitcoin would eventually lose its spotlight on the world stage at some point.

“Something similar has to happen with Bitcoin. People will only switch to something new if it works better or is cheaper,” he stated.

It is true that a number of coins are eyeing the spot that Bitcoin currently has which will eventually make the idea of cryptocurrency as just another memory especially for those involved in the market since 2010 when it gained traction.

This has already been the second time in which the idea of a national cryptocurrency was turned down by the Swiss bank. Over two months ago, another member of the Schweizerische National Bank said that pursuing with the project could be risky for it might force a commercial role on the central bank.

Johann Schneider-Ammann, the Swiss Economics Minister said that he is looking forward to seeing Switzerland as a popular “crypto nation” opposing Moser’s belief.

But he still left a warning to the people of the dangers that come with it in adapting too slowly to the market and in going through however the hype ends.


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