Switzerland considers a Bitcoin-style economic system

2 min read

A campaign to radically change the financial industry of Switzerland to a type of economic system in the best Bitcoin style, lost yesterday, but managed to win almost 500,000 votes.

This controversial plan, known as Sovereign Money Initiative, would have prevented commercial banks from electronically creating money when they lent beyond their deposits . This process is the way that most of the money in the world is created.

In the last decade, Bitcoin and digital currencies have become a technological alternative to the debt-based financial industry and have been found with a mixture of mockery, contempt and fear.

Both Warren Buffett and Jamie Dimon have recently expressed their deep skepticism about Bitcoin and cryptocurrencies . The creation of Bitcoin in 2009 took place at the same time as the global financial crisis and both the cryptocurrency movement and the support for the Sovereign Money Initiative in Switzerland have grown exponentially.

"The cryptocurrency and the blockchain are seen as the place where we are going They could have been used under the system we proposed "said Emma Dawnay, a board member of MoMo, the group that proposed the Sovereign Money Initiative.

Try it now

Any reference to movements or historical price levels it is informative and is based on external analysis and we do not guarantee that such movements or levels can happen again in the future


Product difficult to understand, the CNMV has determined that it is not suitable for small investors, due to the complexity and high risk involved


Source: IQOption blog (blog.iqoption.com)

Please note that by trading financial instruments you are risking of loosing capital. It should be used by professional traders.

General Risk Warning: The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.