Switzerland has proven to be a crucial region for cryptocurrencies. It now appears the domestic government also wants to gain a competitive edge in blockchain development.
The new announcement by the Swiss Federal Council seems to hint at new legal frameworks for distributed ledger technology.
Switzerland and Blockchain
This seems to confirm Switzerland has big plans for blockchain technology across different industries.
The first order of business is bringing more legitimacy distributed ledger projects and solutions.
Secondly, the barriers to entry need to be either lowered or removed altogether.
All of these needs to be achieved without increasing the risk of potential abuse of this technology or the concept.
It will take a lot of legwork to push the presented changes through, as they will affect civil and financial laws alike.
This news comes six months after the Swiss government openly asked the public about their potential amendments for distributed ledger technology.
Several dozen responses have been received, and put into a viable course of action.
There is still a long way to go, as these amendments will only enter the preliminary review stage by 2020.
Given how China recently expressed its undying love for blockchain, it was a matter of time until other nations followed suit.
Switzerland seems to be as good a region as any to further experiment with this technology.
Blockchain would also be a logical extension of the numerous fintech efforts currently underway in this region.