The Swiss Parliament to inspect Bitcoin as a legitimate currency

Just recently we posted on the positions that banks and governments from the US, China, and India posed on Bitcoin.

Just recently we posted on the positions that banks and governments from the US, China, and India posed on Bitcoin. The Swiss Parliament is following suit, and is also looking in to the subject of Bitcoin.

The Swiss Parliament is considering a postulate to recognize Bitcoin as a legitimate currency, and to be treated as any other foreign tender. If passed by the Swiss Parliament, the postulate will be brought in front of the Swiss Federal Council. If recognized as a legitimate currency, the Federal Council will see how such a currency can be regulated by the local banking and financial institutions.  In addition to treating Bitcoin as any other foreign currency, the postulate will also request of the Swiss Federal Council to see what potential the cryptocurrency can have in the Swiss financial sector.

The Parliament’s postulate has 4 basic questions that request to be answered by the Federal Council. The first question requests to see how Bitcoin can be beneficial or not to the Swiss Financial Sector. The Second asks if Bitcoin should be treated as a legitimate foreign currency. The third relates to the tools and instruments needed in order to regulate Bitcoin.

The fourth and last question elaborates on the regulatory changes needed to handle Bitcoin and when they can be implemented.

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While the matter is still only a postulate with the Swiss Parliament, it does show the impact Bitcoin has on the global economy. The Swiss government is taking, as expected, a more neutral stance by firstly examining the idea of legitimizing Bitcoin in their local economy before coming to any conclusions and having an official opinion on the matter. However, the Swiss Parliament’s move, with the statements from the US, China and India shows Bitcoin’s overall recognition as a currency with a monetary value.    

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