Switzerland has found a new way to promote the adoption of blockchain technology. The Capital Markets and Technology Association (CMTA) is the new organization to deal with this issue, according to an announcement.
According to the press release published on 12 June, the CMTA will aim to design standards and piloting tools for companies in different areas of activity to acquire capital through the advanced technology. The organization is based in Geneva and has as a team Swissquote, Temenos, and Lenz & Staehelin.
Jacques Iffland, CMTA’s board member stated:
“The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups. The current lack of legal certainty is slowing – and potentially compromising – its development in this field. By defining a set of industry-supported, open standards, the CMTA aims to facilitate access to funding for businesses, ultimately contributing to value creation throughout the economy.”
The CMTA is a non-governmental organization
The CMTA was registered as a non-governmental organization, positioning at the head of the committee the businesses in different industries. Each of the co-founding companies has their own targets regarding the adoption of blockchain technology.
Switzerland is an important crypto hub around the world, known for its fintech city Zug, also called Swiss “Crypto Valley“. As previously reported by Coindoo, the country’s major plan is to become a “Crypto Nation“.
The blockchain hub revealed recently about its blockchain-based voting experiment that will take place this summer. The project will combine the eID system released in November 2017, giving citizens the opportunity to cast their votes through a mobile application.
Also, in the past days, Switzerland has decided to reject the referendum called “sovereign money“, which would have given the central bank full control over the launch of new currencies, creating thus an imbalance in the financial system because of ignoring their operations.