Swiss lawmakers propose to treat bitcoin like a foreign currency

The Swiss parliament is considering passing a postulate requesting that bitcoin be treated like any other foreign currency. The goal of the postulate authored by Representative Thomas [...] https://www.pinterest.com/pin/1085437947660215829/

The Swiss parliament is considering passing a postulate requesting that bitcoin be treated like any other foreign currency. The goal of the postulate, authored by Representative Thomas Weibel, is to eliminate ambiguity and increase transparency in the law related to bitcoin. If the postulate is approved by parliament, it will be submitted to the Swiss Federal Council, the country's main executive institution.     If the Council agrees that bitcoin should be treated like other foreign currencies, it will also assess the feasibility of implementing the postulate. In addition to this, the Council has been asked to explore potential bitcoin-related opportunities in the Swiss financial sector.   The postulate asks the executive to answer four basic questions: whether bitcoin presents opportunities for the financial sector, whether it should be treated like a foreign currency, what regulatory measures should be in place to ensure clarity in the law related to bitcoin and similar currencies, and what kind of regulatory changes are necessary and when they can be implemented.   The post was jointly signed by 45 members of parliament (out of a possible 200), after they concluded that bitcoin could create new opportunities for the Swiss financial sector and that action should be taken in terms of regulating VAT and enforcing money laundering controls.   Over the next few weeks, members of parliament will vote on the demand. Later, if a majority of the parliament votes in favor, the demand will be officially submitted to the Swiss Federal Council. If the Council responds favorably, it will also have to make its position clear to regulators such as Finma, the Swiss Securities and Exchange Commission.   If all goes according to plan, bitcoin could virtually be recognized as a full-fledged foreign currency in Switzerland. Such a move would drastically reduce the amount of legal uncertainty among bitcoin users, at least in Switzerland itself, namely the Swiss banking sector. It would allow Swiss authorities to apply already existing legislative procedures for foreign currencies to bitcoin and other digital currencies.   Luzius Meisser, president of the Bitcoin Association Switzerland, told CoinDesk reporters: "This would be quite revolutionary as it would increase the legality of bitcoin and could set a precedent for other countries. It would also build ground for companies that want to use bitcoin in Switzerland without legal ambiguity."   According to Meisser, it is likely that the demand will "pass" through parliament, given that about 25% of its members have acted as signatories.   A partial English translation of the postulate was posted on the Bitcoin Talk forum.   Back in September, Jean Christophe Schwaab of the Swiss Socialist Party said that the only people in Switzerland who know about bitcoin are "computer geeks, criminals and special police units" and that there is currently very little or no public discussion about the digital currency.   It seems that Schwaab has changed his attitude towards bitcoin to a more positive one, since he also signed the post with his own signature.   Meisser explained: "I spoke with him and he told me that he has changed his mind about taking bitcoin out of the law for the time being, but he remains skeptical overall. The very fact that he has co-signed this new, positive post is very nice."   Schwaab stated that he is "very happy" that a sizable portion of MPs already know what bitcoin is and are concerned about possible regulation.   "I hope that the government's response will provide us with basic information about bitcoin and its regulation in other countries, which would enable a fair, political discussion. I signed on to the proposal because it is my contribution to this important discussion," Schwaab concluded.   Co-authors Emily Spaven and Nermin Hajdarbegovic.   Source: http://www.coindesk.com/swiss-lawmakers-bitcoin-foreign-currency/ Translation: diabLEEca   Tags bitcoin parliament Switzerland