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Switzerland is well placed to take a leading role, having established a network of cryptocurrency companies, collectively known as“Crypto Valley”, which interact with the traditional financial sector.
Swiss bankers are enthused by way digital blockchain Distributed Ledger Technology (DLT) could automate time-consuming tasks, such as processing transactions, and open new avenues of business.
“Blockchain is going to fundamentally change our business, everyone is looking into it,” Grégoire Bordier, president of the Association of Swiss Private Banks, told SWI swissinfo.
“A fundamental competitive pillar of the financial industry is IT. One of the reasons that Switzerland welcomed the creation of Crypto Valley was to remain in the game during the constant evolution of IT innovation.” Different designs
The goal is to speed up financial transactions, reduce fees and automate different parts of the financial chain. But what does this mean for banks, traders and the person on the street? It ultimately depends on the exact design of the new digital money.
The creators of bitcoin invented blockchain to give users total control over their money and the freedom to spend it without needing a bank – much like handing someone physical cash, but in the digital world.
A separate breed of cryptocurrency, called stablecoins, seeks to curb wild price swings by pegging to traditional currencies or other assets to stabilise their value (see animation).
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