The Federal Palace in Bern is the seat of the Swiss National Council. Image by Martin Abegglen via License: Creative Commons

Switzerland will elect the National Council on Sunday. When it comes to crypto, all parties are open and in favor of it. But there are some differences in the details.

The National Council will be elected in Switzerland on Sunday. I do not intend to delve into the mysteries of the unique Swiss political system here, but would simply like to discuss the role that Bitcoin and other cryptocurrencies play in it.

Above all, the difference to Germany is maximum, whether in terms of federal or state politics. Politicians in this country generally don’t mention Bitcoin and crypto, and when they do, you usually wish they hadn’t, since most of the time even financial or digital politicians don’t know what they’re talking about. In Switzerland the topic is at least present, almost every party takes a stand, and many politicians hold cryptocurrencies and demonstrate a level of competence that one has to look for in the German Bundestag for a long time.

Politicians in Switzerland not only know things better, but they also tend to be more open. While representatives in Germany primarily emphasize risks and indulge in fantasies of regulation and bans, Swiss politicians from all parties tend to see opportunities and vehemently reject bans.

For Lucas Betschard from the Swiss Bitcoin Association and 21Analytics, however, the topic does not play a strong role in politics. “Economic liberal parties like SVP and FDP are pro anyway, the others are too or neutral.” All parties in parliament vote for Bitcoin, crypto and blockchain. He therefore does not want to comment on individual parties or politicians. “It is better if Bitcoin has broad support rather than favoring individual parties and alienating others.”

“Throw off the subjugation of Marxist central banks!”

Crypto Valley Magazine also remains neutral. It already conducted a survey with all parties on the topic in 2022 and recently updated it for the election.

This goes the furthest “Moderate” lista populist party that emerged primarily from criticism of the Corona measures, and in which it is hardly possible to imagine a sentence without a double exclamation mark.

You could say that the Moderate list has swallowed more than one orange pill and descended deep into the rabbit hole. In her election manifesto, she calls for Bitcoin to be made legal tender. Board President Nicolas A. Rimoldi boasts of operating a Lightning node and calls for Bitcoin to “give the state and its servants the means of power [zu] National Council candidate David Heggli says he has invested thousands of hours in Bitcoin and blockchain; he wants to “throw off the subjugation of Marxist central banks” by using an “open source, fully private, decentralized blockchain like Monero or even more secure Pirate Chain.” Otherwise, “the totalitarian, technocratic takeover of power by the Rockefeller Foundation & Co. can no longer be averted.”

While the list moderately hopes to get into the National Council – and is also said to have useful opportunities the national conservative SVP currently most councils. Several of them, such as Benjamin Fischer and Lukas Reimann, have already dealt with cryptocurrencies and own some. They vehemently reject a ban; the issue has a medium to high priority in their politics, even if they remain vague about their specific intentions.

On the other hand, they are less in-depth on the topic Social Democrats. Council of States Carlo Sommaruga admits that he has not yet dealt much with cryptocurrencies, but is calling for stricter supervision to prevent money laundering. His focus on sinking his teeth into the risks with at best rudimentary knowledge is similar to that of his German colleagues. Skepticism also prevails among them Greens. National Councilor Andrey Gerhard is also against a ban, but criticizes the ecological footprint of mining. He is realistic enough to recognize that a mining ban in Switzerland will not have much effect, but would like to incorporate ecological aspects into the regulation, in the manner of a CO2 tax for Holder. Overall, however, he hopes that cryptocurrencies will create a more resilient financial system.

Friendly to enthusiastic

The Swiss see it differently FDP out of. National Councilor Andri Silberschmidt is a founding member of the Swiss Blockchain Federation and owns various cryptocurrencies himself. However, he considers the current legislation, which he was involved in, to be largely sufficient. He and his party colleagues naturally reject a Bitcoin ban.

Of the Not National Councilor Elisabeth Schneider-Schneiter takes a position, but remains extremely taciturn. She rejects a ban and says we have to take advantage of the opportunities.

Die Green Liberals give the issue a low priority, but are also against a ban. The National Council candidate Samuel Kullmann, who is in favor of the Federal Democratic Union (EDU) starts. He says he has spent several thousand hours studying Bitcoin and believes a Bitcoin standard could help solve the financial system’s serious problems.

Overall, the industry can expect few surprises from Sunday’s election. The National Council will, one way or another, be crypto-friendly. Hardly any party can afford to compete against the strong crypto industry in Switzerland. The only open question will be whether the MPs are just friendly or enthusiastic, or whether the moderate list will also include the demand in the National Council to make Bitcoin legal tender, and what proportion of the cautiously critical voices from the Greens and Social Democrats will play.

One can say that the crypto location in Switzerland remains stable.


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