More than 500 blockchain as well as cryptocurrency startups have got home in Switzerland. The nation would like to end up a definitive blockchain capital of the world. The country has acquainted another arrangement to strengthen the already tense connection between digital currency startups and Swiss Banks.
New Guidelines for Banks Willing to Befriend Virtual Currencies
As indicated by Reuters, the SBA (Swiss Bankers Association) released a set of guidelines on Friday to target the Swiss Banks interested in collaborating with crypto companies. This partnership could concern a few important financial services like cash deposits as well as protection, daily business operations and corporate payments.
The strategic Advisor at SBA, Adrian Schatzmann said, “we believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts.”
It’s not such a great amount about what banks can offer, even though their help is more than welcome for small companies. Or maybe, the idea banks and digital currency businesses require not to be adversaries by default, but rather accomplices. In case this strategy becomes effective, Switzerland‘s model could set a point of reference for other developed nations that are still hesitant to grasp this crypto.
Just One Step Between Love & Hate
Switzerland touted that it was set to wind up the globes blockchain capital. However, the Swiss banks couldn’t help disagreeing. A few financial service providers occupied with collaboration with cryptocurrency businesses. A few of them even expelled the constrained scope of services they were putting forth.
As an outcome, numerous companies adequately gathered up their packs and left for friendlier areas. The antagonistic disposition shown by the banks is not much. Digital currencies have gone up against different notorieties worldwide because of their relationship with tax evasion and misrepresentation.
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