Switzerland seeks to transform into the "digital currency Valley"

Switzerland has recently turned into a global digital currency center as the country's currency mining centers, famous for its prestigious banks in the world financial market, have flourished.
In recent years, Switzerland has hosted four hypothetical currencies out of the top 10, according to PricewaterhouseCoopers, as the largest starting country for this type of currency.

The secret to the emergence of Switzerland is a digital currency center in the ingenuity of its banking system, low taxes, elite financial centres and the famous financial brand.

Like the Silicon Valley in the United States, which embraces the most famous technology companies, Switzerland aspires to be the "digital currency Valley" with its investment base expanding day by day.

Efforts to expand the so-called "Crepto Valley" in Switzerland have achieved remarkable success in recent times, according to the Swiss minister of Economy, who called the project "Crepto Nation".

The Swiss government aims to focus on embracing investments in virtual currencies, to compensate for the increasing reduction in the country's traditional banking sector.

This was followed by a 20-per-cent decline in the number of banks in Switzerland in the past decade, according to the Swiss Bankers ' Association, at a time when the digital coins, which are filling this void, are flourishing.

"Switzerland is the best tax, legal and executive," said one of the Mybit, an investment platform to fund Internet devices such as self-driving vehicles.

Mathias Roche, managing partner of Lexed Barners, who developed the site, explained that the number of companies in the "digital currency Valley", jumped from 15 companies at the beginning of last year to more than 100 companies.

These companies are based in the Zog region of Switzerland, where the corporate tax rate is only about 15 percent, while the unemployment rate is 2.3 percent.

The Swiss National Bank has warned of the risks associated with the digital currency, and executives of large banks in the country have voiced fears that investment in the currencies will widen.
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