Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
According to Finance Minister Ueli Maurer, Switzerland will not create any specific blockchain or crypto legislation.
The Swiss Minister of Finance, Ueli Maurer, has rejected a possible blockchain law in a speech at blockchain conference Infrachain in Bern, Cointelegraph auf Deutsch reported today, Dec. 4.
Instead of a specific blockchain or crypto legal framework, Switzerland plans to tweak existing laws to allow for the new technology and its financial applications, Maurer said. The government expects to propose changes to six laws, including the civil code and bankruptcy law, next year.
Maurer, who has traveled extensively with Swiss bankers, made it clear that he is aware of the competition in fintech facing Switzerland. He said at the conference:
âLondon is already further advanced than we are, and centers like Singapore and Shanghai are fierce competitorsâ.
Meanwhile, neighboring Liechtenstein, not mentioned by Maurer, is already one legislative step ahead. In August, the local government published a draft for the new âBlockchain Actâ â a law on transaction systems based on trustworthy technologies (VT) â which is currently being examined by an expert commission. The law is expected to be adopted in 2019.
In the United States, U.S. representatives recently proposed a bill, dubbed the "Blockchain Promotional Act 2018," in the House of Representatives with the aim of creating a working group to form a common definition of blockchain.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.