Board director of the Swiss National Bank (SNB) Thomas Moser at the Crypto Valley blockchain conference in Zug said that he considers cryptocurrencies and blockchain too primitive. In his opinion, the country's central bank should not consider launching a national digital currency.
Moser said that the blockchain has the potential as technology, but it still resembles a CD for its uselessness. First, the technology should offer the perfect model for users as happened with the digitization of music.
“Something similar has to happen with bitcoin. People will only switch to something new if it works better or is cheaper,” - Moser believes. He explained that this is possible only if the blockchain and cryptocurrencies become qualitatively different.
Other conference participants are more optimistic about distributed ledger technology and they believe that the it will become widespread in the next five years. The speakers noted that the central banks, which have a monopoly on the issuing of money at the moment, are interested in hindering the development of the crypto currency.
In May, the Swiss government requested a study into the potential benefits and drawbacks of the so-called “e-franc”, the country’s state-backed cryptocurrency. Earlier it also became known that Hypothekarbank Lenzburg became the first bank in Switzerland to open bank accounts for companies whose activities are related to cryptocurrencies and blockchain.
By Ekaterina Ulyanova