Luzius Meisser, co-founder of Switzerland's Bitcoin Association, warned that making bank accounts mandatory could force the lobby group to dissolve, but also threaten the existence of countless Swiss crypto firms and start-ups, in a response during a consulting period on the draft law.
He wrote of crypto start-ups which had applied for accounts with more than 50 banks, and been rejected by all. «As long as there is no right to a bank account, banks will be able to force firms in Switzerland to give up, arbitrarily and without legal recourse,» Meisser said.
Own Goal
The draft law would mainly affect «Crypto Valley». «This can't be in the best interest of 'Crypto Nation Switzerland'», says Meisser, who'd prefer the proposal to be shelved.
The Swiss government's intention to create a «Crypto Nation» stands in direct competition with attempts to introduce global transparency rules that would give free reign to Swiss banks to stifle any hopes of building the «Crypto Nation».
Liechtenstein to Profit
The deep contradictions between a financial market policy of the government and the refusnik attitude by the banking industry however are welcome news for the colleagues in the small neighboring nation of Liechtenstein.
Simon Tribelhorn, the director of the bank association of Liechtenstein, recently said that competition between financial markets had become more intense. The competition for «Crypto Nation Switzerland» however is mainly a hinder for Switzerland itself.
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