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Swiss finance minister Ueli Maurer rejected a possible blockchain law in a speech at the Infrachain blockchain conference in Bern, Cointelegraph auf Deutsch, reported today, 4 December.
Instead of a specific blockchain or legal encryption, Switzerland intends to modify existing laws to allow the new technology and its financial applications, Maurer said. The government plans to propose amendments to six laws, including the civil code and the bankruptcy law, next year.
Maurer, who has traveled far and wide with Swiss bankers, has made it clear that he is aware of the fintech competition with Switzerland. He said at the conference:
"London is already more advanced than us, and centers like Singapore and Shanghai are fierce competitors."
Meanwhile, neighboring Liechtenstein, not mentioned by Maurer, is already a legislative step forward. In August, the local government published a draft for the new "Blockchain Act" – a law on transaction systems based on reliable technologies (VT) – which is currently being examined by a committee of experts. The law should be adopted in 2019.
In the United States, representatives of the United States recently proposed a bill, dubbed "Blockchain Promotional Act 2018", in the House of Representatives with the aim of creating a working group to form a common definition of blockchain.
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