Swiss Federal Councillor: Blockchain Will 'Penetrate Our Entire Economy'

"Hardly anyone still doubts that blockchain will penetrate our entire economy."

"We need to put even greater emphasis on digitalisation and technology in schools. We need more IT specialists. And we need more research projects and professorships in this field."

"But just to be clear, a good economic framework doesn't mean giving carte blanche! Abuses must also be consistently prevented in the new digital world. And businesses need legal certainty. Otherwise investment will be withheld."

Switzerland has been referred to as a crypto nation, specifically in reference to Zug's "Crypto Valley," due to its crypto friendly tax regulations and "Balanced approach" to tokens issued in ICOs.

In early June, Zug announced that they would be holding the country's first blockchain-based municipal vote this summer.