2023-09-02 07:38:47
In the columns of Bitcoin Magazine, Julian Liniger, the co-founder and managing director of the BTC exchange called Relai, and a Swiss expert, gave an interesting insight into his own point of view, in which he discusses, among other things, sovereignty, the spirit of bitcoin, its power against inflation, and the past and present of Switzerland. Liniger begins by saying that as a Swiss citizen, it was very easy for him to understand the importance of the values propagated by bitcoin, such as independence, privacy, or the need for advanced financial intelligence. Switzerland has ensured the protection of banking secrets since 1934 and is one of the most independent countries in the world. The financial system is the problem The author started his career at Raiffeisen Bank, and at the bank he quickly realized that traditional money and the banking system have many flaws that lead to inflation and crises. According to him, the question arises as to what is the point of storing money in the most independent and safest banking system in the world, if there are not only problems with security and independence, but with the financial system as a whole, so the securely stored device itself is a defective product… The bitcoin solution offers a solution to this problem: a third-party unverifiable asset with no central issuer, up to 21 million available, truly neutral and global. It can be described as a digital gold that can act as one of the foundations of the new financial system. BTC is digital gold, but it is definitely more cash than a bank account. Switzerland is already ahead of the European Union in regulating BTC: while the EU’s MICA regulation wants to exercise total control over individually managed wallets, the Swiss FATF regulation only requires exchanges to identify customers. Translated into traditional financial matters, this is as if the EU wanted to register every single wallet, and you could only buy a wallet in the store with an identity card and address card, while the Swiss only require identification for customers of financial institutions. This is not the only area where Switzerland has realized that bitcoin actually behaves like digital cash, so just as there are no extra identification obligations for exchanging cash below a certain amount, FINMA also applies this facilitation to the exchange of BTC in the amount of CHF 1,000 per day (the Swiss Financial Supervisory Authority). There is currently talk of further tightening of regulations, but it seems that there is no social consensus on the issue. In the year 2022, we saw where people store their crypto on exchanges or outside of their own wallets. Billions were lost during the bankruptcies of FTX, BlockFi and other providers. Outside of the crypto world, banking crises, inflation, and financial collapses have reduced people’s wealth worldwide, and Russian sanctions have seized assets from private individuals like a well-oiled machine. While most of us are not at risk of this type of asset forfeiture, it has become apparent to investors that the power’s tools are very broad. Switzerland can emerge from the turbulence of the financial world Switzerland, meanwhile, remains an independent, democratic country, which is one of the world’s most innovative bitcoin centers. The country’s two crypto centers are Zug (Crypto Valley) and Lugano (Plan ₿), where hundreds of companies and thousands of employees work to innovate the crypto industry and BTC. The history of Zug is known to many, but Lugano only recently stepped onto the stage directly enjoying the trust of the city’s mayor. More than 100 merchants, restaurants and bars in the city already accept crypto, and soon it will be possible to pay taxes in cryptocurrencies. A general crisis of confidence in financial institutions has developed in the world, but according to the author, paradoxically, this creates an opportunity for Switzerland to transfer its leading role to the crypto industry as well. Currently, there are still many problems within crypto circles, such as complicated technological solutions, processes that are not sufficiently customer-oriented, or the low level of service that is often experienced in the industry. There is still a long way to go before ordinary people can easily buy and sell BTC. Even though bitcoin is an increasingly well-known and accepted tool in the financial sector, it remains a grassroots movement driven by its community of users, developers and enthusiasts. BTC devotees are committed to the principles of decentralization, privacy, and financial freedom, and work to promote the use and acceptance of bitcoin as a digital currency. In this development, Europe can also fight for good positions, but Switzerland has both the intellectual and financial capital to become a flagship.
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