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ICOs May Tarnish The Reputation of Crypto Valley Zug” Fear Swiss Officials

Mar 23, 2018 Posted /  1300 Views

ICOs May Tarnish The Reputation of Crypto Valley Zug” Fear Swiss Officials

Ever since the Chinese bitcoin giant Bitman Technologies Ltd has opened its branch in Zug, Switzerland the things for the country have taken a leap for good financially. The country with its progressive nature and sophisticated technological presence has made it clear that they are always open for new ventures and investment in the country.

These signs of welcome have been appreciated well by the people of Bitman Technologies who in return claimed that they want to establish their company well in the Swiss market and employee more and more people from Zug.

While most of the leaders of the countries tend to take this as a golden opportunity, the Swiss officials on the other hand are worried about the growing instability in the crypto currency market with all the ongoing hacks and fall in the prices.

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These reservation have cropped up because of the inability to track the bitcoin payments and how the money flows, thus making it nearly impossible to control where and how everything will be monitored and thus, illegal money laundering will be provided a clean and green path to go ahead. The in-transparency in this mode of payment plays a major role as to why people, (and specially the government of the countries) do not find these crypto currencies safe to invest in.

One other major reason which comes Ito consideration for this uneasy feeling among the Swiss top officials is the clean money image of Switzerland, which apparently the country has worked very hard to attain. The country officials feel that they are in no hurry to get the country back on the blacklist. This eventually has an effect on the legals structure of Switzerland.

The head of the Bitcoin Association Switzerland, Luzius Meisser  in his statement emphasise on the need of the risks and how it is the need of the hour. He said, “These ICOs require blind trust in the founders. You can’t do much if the raised funds are misappropriated,”

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Tags: icos Cryptocurrencies Bitcoin payments crypto Crypto Valley

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