Published On: Wed, Feb 22nd, 2017

This Swiss Canton Now Has Its Own Cryptocurrency Awaiting Approval

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Switzerland’s southernmost canton of Ticino is launching its own cryptocurrency for local use, but its regulatory status remains uncertain.
Another Local Crypto For Switzerland
Two developers from Ticino, on the border with Italy, conceived Ticinocoin (TIC) as a means of keeping value circulating locally, Finextra reports.
“Regional virtual currency based on the blockchain technology is expected to stimulate the local economy offering faster, more transparent and less expensive transactions,” it writes.

However, Michele Fiscalini, one of the developers, stated the coin’s use may never expand beyond Ticino and could require regulatory approval from Swiss financial regulator Finma prior to its debut.
Fiscalini added on the coin’s Facebook page that it could however “save many administrative costs [while] every transaction would be transparent, safe and verifiable by all.”
A History Of Success
Fiscalini and fellow creator Claudio Rossini are likely following the example set by the larger canton Zug last year after it moved to allow Bitcoin payments for government services.
Even national rail operator SBB now offers Bitcoin purchasing from ticket machines.

Further back in 2015, the Lémanic Arc canton introduced its own regional currency, the Lémans, …

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