Thomas Moser: Crypto is ‘Primitive’

Swiss National Bank (SNB) Board Director comments on cryptocurrencies in light of central banks losing interest on crypto issuance.

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Thomas Moser had a lot to say about cryptocurrencies and blockchain tech during the Crypto Valley Blockchain Conference held in Zug. Moser had previously talked about central banks losing interest on issuing crypto. He further explains his remark about crypto being “too primitive” for Switzerland to properly issue a state-backed digital currency.

He likened crypto’s current state with the once-popular but now “useless” innovation: compact discs (CDs).

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

Still, he does not completely write-off the potential of the industry. He believes that it could prove fruitful one day when it “looks very different from what it does today.”

The current state of the tech does not make Moser optimistic about having an “e-franc” in the near future.

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