Switzerland may equate Bitcoin to other foreign currencies

The Swiss Parliament is considering a draft bill on whether to regard Bitcoin as any other foreign currency. The postulate was introduced by representative Thomas Weibel. The goal of the postulate is to eliminate legal uncertainty related to Bitcoin.

The postulate was co-signed by 45 members of parliament after they came to the conclusion that bitcoin can create new opportunities for the Swiss financial sector. Now lawmakers should decide whether this is really. In addition, there are the following questions: should Bitcoin be treated as a foreign currency, what regulatory instruments should be used to establish legal certainty for Bitcoin and similar currencies, and finally what sort of regulatory changes are needed and when can they be implemented.

If postulate is approved by parliament, it will be submitted before the Federal Council, Switzerland’s principal executive institution. In the case of successful completion of all instances Switzerland will become the first country that officially recognizes that the Bitcoin is full-fledged currency.

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