While some places in Switzerland are embracing the whole idea of Bitcoin with open arms, there are others that don’t want anything to do with it. Zug, a town in Switzerland is a classic example of a city highly responsive to the digital currency. The town’s city hall is enabling its people to use Bitcoin for their bills and fees payments.
Zurich, however, is on the opposite side of the spectrum. The authorities in Switzerland’s largest city do not have any intention of promoting or supporting Bitcoin adoption.
Reports are saying that the council has made it perfectly clear that they have no plans whatsoever of imitating Zug when it comes to Bitcoin. They responded after two GLP Councilors, Matthias Weismann and Martin Luchsinger, made an inquiry.
Although Zurich officials do not have enough confidence in the digital currency market, there is still a gleam of hope that this will soon change. These doubts may certainly come from the lack of any Bitcoin regulations, in addition to the volatility of its prices.
As part of Zurich’s growth plan for 2035, the city is trying to provide readily-available digital support services and IT infrastructure. Since Zurich’s council members are determined to entice communication technology and information businesses into their city, it won’t be long before they find themselves jumping on the digital currency bandwagon – slowly but surely.
Zug on the other hand, has become a favorite destination for blockchain and Bitcoin firms. Some of the companies already running their operations in this town are Monetas, Xapo, and ShapeShift. Zug definitely is on the top of its game in terms of attracting fintech firms, as it has already established itself to be a place conducive for Bitcoin. This comes in complete contrast to Zurich, which has around 32 places that enable the use of Bitcoin for payments.
Still, Zurich is well-known as one of the leading cities for traditional financial services and markets. However, if it continues to be hesitant in embracing the digital currency market and Bitcoin adoption, there is a big chance it will be left behind in this ever-changing and innovative world of fintech.
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