Switzerland's 'Absolute Money' Project Likely to Bitcoin

The Swiss people voted for the referendum on the "absolute money" project on 10 June, and the referendum made a negative decision.

Commercial banks in Switzerland can 'create' money to lend or lend, and this absolute money program, the so-called 'absolute money' project, which is likened to the crypto money structure by major specialists in finance, will not come into effect in Switzerland.

25% of the votes cast in the referendum for this project (about 500 thousand people) voted favorably. The central bank of the country also had a negative view of the project because it believed that the central bank's job would "make it much more difficult " to give all the power on the issue of printing money.

According to Beat Weber of the Austrian National Bank, vollgeld idea Bitcoin or other crypto parallels resemble a certain scale.

The commercial banks in Switzerland are now able to generate money for the loans and / or debts they give, but to show that they are the capital to support the money they generate , they do not have to prove it. According to Weber, the absolute money project, which will abolish this authority of commercial banks, is somewhat similar to Bitcoin because both structures are based on the principle that "money is not safe unless it yields certain obligations to the money producing person" : [19659006] "The idea underlying this was that the commodity-like currency would make it possible to have the money personally without depending on a producer who could not possibly keep it."

Emma Dawnay, a board member of the absolute money project,

"Crypto money and Blockchain are just what we are trying to do."

Even though the Dawnay absolute money project is not going to be used right now, even though Blockchain very hopeful and "Swiss government's economy Blo

Switzerland is known by some as as the "Crypto Money Country" . The reason for this nickname is that Zug city in Switzerland is a very good company for crypto money. Crypto money-friendly tax laws applied to the city's crypto money attract many companies. Zug also announced this week that we will be using the Blockchain for a test session and citizens will be able to vote on local affairs using their mobile devices, with an announcement made this week. Coin Telegraph