Switzerland’s “Silicon Valley” Zug finance director Heinz Tännler expressed his beliefs that cryptocurrencies will definitely earn full bank acceptance eventually, according to the Financial Times on July 2.
‘When’, Not ‘If’
Tännler doubled down on his belief, saying that it’s only a matter of ‘when’ instead of ‘if’ current banking difficulties encountered by crypto companies will be removed for good.
“We hope to clarify relationships by the end of the year at the latest… Time is pressing — other jurisdictions such as Malta and Singapore are very active and [are] making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
Alpine Silicon Valley
The finance director’s views undoubtedly coincide with the country’s view on crypto and blockchain, as it gears to become a full-fledged ‘crypto nation’. As a matter of fact, the Alpine country is creating crypto “Silicon Valley” in Zug, a humble town just outside of Zurich.
Zug has a population of about 30,000, and it was formerly centered on agriculture and heavy industry. But in 2013, Nikolas Nikolajsen created the Bitcoin Suisse, which was the cornerstone of the “Crypto Valley Association,” which was created in 2017 to advance the cause of crypto.
Now, there are over 400 companies in Zug that belong to the association, ranging from crypto startup to blockchain juggernauts.