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Swiss Canton Planning to Introduce Local Digital Currency

Swiss Canton Planning to Introduce Local Digital Currency

A regional cryptocurrency stands chances of being put into circulation in Ticino, the southernmost canton of Switzerland.

The digital currency named ticinocoin has been developed by IT scientists Claudio Rossini and Michele Fiscalini. Tribune de Geneve has reported that the cryptocurrency project has successfully gone through its pilot stage.

The introduction of such local virtual currency is likely to have a positive impact on the economy due to the quicker, more transparent and less costly transactions it will ensure.

Expectations are that one TIC will be traded for one Swiss franc. As of now, it is unclear whether the cryptocurrency will have to obtain official permission for mass use by FINMA, the Swiss financial regulatory body.

Ticinocoin is not the first digital currency to be offered in Switzerland. For example, Lémans is another local bitcoin variety that currently has over 100,000 units in circulation.

Being the birthplace of Ethereum, ShapeShift and Xapo, Switzerland is known for its open policy towards promoting digital currency and blockchain technology adoption.

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