Switzerland Ushers into Bitcoin Banking; a Far reaching move

A lot of people in Switzerland have decided to forgo the traditional means of banking by adopting a banking through bitcoin. By working in a crypto space, Switzerland which is also termed as banking nation, is now gearing its efforts to foster a niche market.

Switzerland Welcomes the Bitcoin

Such a move may not outwardly depict their zeal with their adoption of such a change. Nevertheless, they have not ceased to display their considerable interest in trading through bitcoin.

As the G20 finance ministers has their annual meeting in Buenos Aires, a major judgment regarding the fate of bitcoin in Switzerland was passed. The finance minister and the Federal counsellor of Switzerland gave an important announcement regarding the nation’s change in banking policy. He claimed that the scope of banking through digital assets is enormous in the country. These digital assets offer a great prospective for the development of many financial services.

E-financial careers have reported that the change in the banking strategy of Switzerland has significant impact on bankers. As a result, many experienced bankers have decided to relinquish their original practices to join cryptospace. One of them is Andrew Peel, who is the latest crypto mover has left his career in Credit Suisse . He has in turn joined hands with digital market assets at Morgan Stanley and become a head of that market.

Andrew Patel is not the only one who have taken such a radical move. He is among the 11 others who worked earlier in Credit Sussie. Now with the changing methods in banking practices, they have realized their immense need to move in to the crypto world of bitcoin.

This update has been given by the leading financial news source. According to them, Andrew Peel’s decision to find his fortune in crypto space is a latest and a recent move.

Tracing the Last Two Years

In the last two years, banking in Switzerland has seen leading progress regarding bitcoin. Zurich has especially seen an unwavering development of companies that base their dealings in bitcoin. This upsurge of crypto based companies is also seen in Zug which is also know a Crypto Valley of Switzerland.

It is worth noticing within the last two years, the companies in Switzerland that deal through bitcoin are functioning in a different way. They are behaving like banks but their activities are much subdued. The reason behind not attracting too much attention is that they do not want to inculcate too much marketing noise. They want to revert to their old “Swiss style” in dealings.

Crypto Finance Company has its base in Zug and its employees are working in luxury villa in Zurich. The ambiance of the villa gives a feel of a Swiss bank. The board of directors specifically, Jan Brzezek claim that they are very optimistic regarding the fate of the company. With all the expertise in the financial background they just did what was needed in traditional markets with equities or FX.

Moreover with technical and banking expertise given by the company’s employees they are absolutely sure about their strong position in the market.

Many Swiss banks do not want to fall in to the risks that surround traditional banking. That is the reason they want to attract a crypto currency talent and gear its banking strategy towards bitcoin. For such a small nation, controlling 25% of the global share in finance in an uncertain environment is no walk in the park.

Switzerland Attracts Cryptocurrency Talents

The reason why many companies show their interest in cryptocurrency banking in Switzerland is because of the nation’s judicial stability. Finma, the supervisory authority of Swiss financial market is very reliable and flexible to any changes. Furthermore the Swiss banks are:

  • Independent of the government
  • Autonomous to take their own decision with the help of a financial regulator.

    Because of these plus points, many entrepreneurs are motivated to take risks because Switzerland’s political and judicial framework is very flexible.

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