19 April 2018

Swiss to vote on proposals to treat bitcoin as foreign currency

10 December 2013  |  39252 views  |  0 bitcoin

Politicians in Switzerland are set to vote on proposals submitted by 45 members of the Swiss Parliament for bitcoins to be legally recognised as a legitimate foreign currency, like the euro or dollar.

The proposal was put forward by the Parliamentary Group for Digital Sustainability (Parldigi). It calls on the Swiss Government to evaluate the opportunities for the use of bitcoin by the country's financial sector and to clarify the digital currency's legal standing with respect to anti-money laundering, VAT, and securities laws.

If approved by Parliament, the questions will be posed to the Swiss executive arm of government, the Federal Council for judgment.

The Pardigli faction says it has been debating the credibility of bitcoin internally for some months.

In a press statement, the group says: "Its (Pardigli's) members, coming from major parties such as SP, FDP, GLP and the Greens, have concluded that Bitcoin and comparable digital currencies not only pose risks, but also opportunities for Switzerland's financial sector. Furthermore, as Bitcoin is already in use as a means of payment in Switzerland, it makes sense to ensure legal certainty regarding money laundering laws and VAT."

As a first step to boosting the credibility the currency as a recognised medium of exchange, Pardigli says it has begun to accept donations in bitcoins.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China bans banks from bitcoin transactions as Wall Street wades in

China bans banks from bitcoin transactions as Wall Street wades in

05 December 2013  |  8592 views  |  7 comments | 9 tweets | 6 linkedin
Bitcoin hits $1000 mark

Bitcoin hits $1000 mark

27 November 2013  |  8801 views  |  0 comments | 5 tweets | 2 linkedin
Danish bitcoin exchange Bips latest to suffer cyber-breach

Danish bitcoin exchange Bips latest to suffer cyber-breach

25 November 2013  |  5019 views  |  1 comments | 6 tweets | 6 linkedin
US set to allow bitcoin campaign donations

US set to allow bitcoin campaign donations

08 November 2013  |  8346 views  |  0 comments | 11 tweets | 5 linkedin
Bitcoin firms meet UK govt officials as regulation looms

Bitcoin firms meet UK govt officials as regulation looms

06 September 2013  |  12389 views  |  1 comments | 7 tweets | 6 linkedin
Bitcoin Foundation meets US lawmakers

Bitcoin Foundation meets US lawmakers

27 August 2013  |  8261 views  |  0 comments | 7 tweets | 5 linkedin
Germany declares bitcoin 'private money' and subject to tax

Germany declares bitcoin 'private money' and subject to tax

19 August 2013  |  9962 views  |  0 comments | 13 tweets | 10 linkedin
New York regulator opens investigation into virtual currencies

New York regulator opens investigation into virtual currencies

14 August 2013  |  8441 views  |  0 comments | 10 tweets | 8 linkedin
US judge rules bitcoin is real money

US judge rules bitcoin is real money

08 August 2013  |  16851 views  |  0 comments | 17 tweets | 10 linkedin
Anarchists, idealists and capitalists struggle for bitcoin's soul

Anarchists, idealists and capitalists struggle for bitcoin's soul

03 July 2013  |  11867 views  |  0 comments | 4 tweets | 4 linkedin
UK civil servants ponder bitcoin threats - FT

UK civil servants ponder bitcoin threats - FT

14 May 2013  |  12394 views  |  1 comments | 5 tweets | 1 linkedin

Related blogs

Create a blog about this story (membership required)
Visit https://aciworldwide.webex.comVisit http://go.jumio.com/finextraAdVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
hands typing furiouslyArtificial Intelligence for fraud detectio...
12734 views 0 | 10 tweets | 6 linkedin
Speculative interest in cryptocurrencies may have peaked - BarclaysSpeculative interest in cryptocurrencies m...
10672 views comments | 16 tweets | 11 linkedin
Competing in an increasingly competitive spaceCompeting in an increasingly competitive s...
10225 views comments | 1 tweets | 2 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9113 views comments | 14 tweets | 19 linkedin

Featured job

Find your next job