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.

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Source: IQOption blog (blog.iqoption.com)

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