One of the issues within the cryptocurrency sector is regulation, as many different countries have varying attitudes towards the space. There are some countries, such as China, that are attempting to crack down on cryptocurrency in general, while there are other countries such as Malta, which aim to be a hub for blockchain innovation.
Similarly, there are all sorts of different politicians that view the space differently, as well. There are some politicians that believe that the blockchain space will revolutionize the world, and there are others that believe that the cryptocurrency sector is not regulated enough to protect consumers as of right now. Regardless, the cryptocurrency community scored a big win today – as a crypto-friendly politician has just become the President of the Swiss Confederation, after being elected to the position on December 5 of last year.
Federal Councillor Ueli Maurer was elected President of the Swiss Confederation for 2019 by the Federal Assembly (parliament) today. He is succeeding President @alain_berset on January 1, 2019. Congratulations! @efd_dff https://t.co/kZtWwKXqlV
— Swiss Embassy (@SwissEmbassyUSA) December 6, 2018
For those that don’t know, Switzerland has a seven-member Federal Council, and the executive role rotates among the members. The role is now occupied by Ulrich “Ueli” Maurer, on December 5, by an overwhelming majority (201 out of 209 member votes). Maurer is a 68 year-old accountant.
Maurer is the former finance minister, and has been supportive of legislation that seems to understand that blockchain has to be recognized as a potential “game changer” with regards to various sectors.
It shouldn’t be surprising that Maurer is “pro-crypto”, considering he used to be the finance minister of Switzerland, a country that is clearly open to blockchain and cryptocurrency. Zug, Switzerland, is already known as “Crypto Valley”, a play on “Silicon Valley” in California – the most important er area in the world with regards to technology companies.
Maurer seemed to understand that while Switzerland was certainly becoming a destination for blockchain startups, that there was definitely competition. Earlier last year, he invited bankers and regulators to discuss the cryptocurrency space. The Swiss Bankers Association (SBA) then formed a group, and some Swiss banks have since accepted cryptocurrency-related clients, pointing to Maurer’s power, persuasion, and influence.