President of the Swiss Confederation Hails Cryptocurrency and Bitcoins as “Game Changer”

By Rishma Banerjee

As it stands now, the President of the Swiss Confederation, Ueli Maurer has been encouraging of cryptocurrencies.

The main issue about cryptocurrency is that of regulation, as many countries take up different attitudes towards this issue. While there are some countries, like China, who are attempting to crack down on cryptocurrency in general, there are other countries like Malta, which aim to be a hub for blockchain innovation and development.

Maurer, who was elected to the position on December 5 of last year, has already established his position as a crypto-friendly politician.

Switzerland which famously has a seven-member Federal Council, where the executive power keeps rotating among the members. Maurer, who was is an accountant is also the former finance minister, has been supportive of any sort of legislation that makes an attempt to understanding the sheer potential of blockchain as a technology. he has also referred to blockchain and cryptocurrency as a game changer.

However, it not entirely surprising that Maurer is  “pro-crypto” if the fact that he used to the finance minister of the country advocating the use of crypto and is evidently open to blockchain tech, is considered. Zug, in Switzerland, has already been dubbed as the “Crypto Valley” which was intended as a play on California’s “Silicon Valley”.

Maurer seemed to aware and happy about the fact that Switzerland is definitely on its way to certainly becoming a destination for blockchain startup This means that competition will be quite pronounced. Earlier last year, Maurer had invited bankers and regulators in order to discuss the pathway for the cryptocurrency space. The Swiss Bankers Association (SBA) then formed a group, and some Swiss banks have since accepted cryptocurrency-related clients, pointing to Maurer’s power, persuasion, and influence.