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SIX President calls for creation of cryptocurrency franc
The Swiss National Bank (SNB) is expected to launch its own cryptocurrency, according to Romeo Lacher, chairman of the SIX financial group.
“An e-franc under the control of the central bank would create many synergies, it would be very good for the economy,” said Romeo Lacher in an interview with the Financial Times. The operator of the Swiss Stock Exchange remains wary of bitcoin and its counterparts.
The e-franc would provide support for local trade, because it would boost the use of electronic payments, assured Mr. Lacher in the article published Monday.
Examples of state cryptocurrency are rare for the moment. The Swedish central bank, Riskbank, is a pioneer and will soon introduce its “e-crown”. The SNB is defending a more conservative stance on this issue.
Asked by the British daily, she said that there is currently no need for such cryptocurrency.
The President of SIX recalls the recent statements of the Federal Councilor and Minister for the Economy Johann Schneider-Ammann, for whom Switzerland must become a “crypto-nation”. Ethereum, the second largest cryptocurrency in the world after bitcoin, was launched by a Swiss company.
The private sector, “a far west”
The proliferation of blockchain-based fund raising, or ICO (initial corners offerings), however, raises fears with Mr. Lacher. “Until very recently, the value of cryptocurrencies has only known one direction, upwards.
When the first collapse of ICO has occurred, the market will be burned, “he says.
Such a scenario would lead to renewed caution in this area, a context unfavorable to the launch of cryptocurrencies by central banks. It would be like leaving the control of these instruments to the private sector, the “far west”, warns the leader.
SIX does not intend to change its policy on bitcoin and its counterparts. “We currently have no plan to allow the trading of cryptocurrencies or ICO,” says Lacher. The latter, however, emphasizes that the blockchain technology, which serves as a basis for the aforementioned electronic currencies, has great potential for the activities of the financial group.
SIX Group is owned by numerous Swiss and foreign banks. The Zurich-based company operates the Swiss stock exchange, but also provides a range of services ranging from electronic payments to financial information. (Awp)
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