6. Birth of Crypto Nation
(Swiss Economy Minister Johannes Schneider-Ammann)
Blockchain has roiled official Switzerland: financial regulator, Finma, banking lobby SBA, as well as local officials such as Zug's government are forced to address the technology. The goal of the collective efforts is to raise a Swiss «crypto nation», with new jobs and an influx of capital.
Bitcoin is the mascot and driver of these efforts. News that Zug's local government would accept bitcoin as tender for certain services went around the world. Equally, last year's frenzy in cryptocurrencies fed a fintech boom with 18 token start-ups.
The massive demand for digital assets advanced initial coin offerings, or ICOs, to the preferred method of fundraising for fintechs – 271 million Swiss francs last year ($276 million), more than any other avenue of financing.
7. CEO's Mandatory Bitcoin Quiz
Whether a «crypto nation» will take off or not is unknown, but banking is racing to ramp up its knowledge of bitcoin and tokens. Know-how is key in order to advice wealthy clients on digital investments or to open corporate accounts for blockchain start-ups to meet their payroll. This begins with front-facing bankers but won't spare back office – or management.
Today, banking CEOs simply cannot afford not to know how bitcoin «works». The initial phase where anyone could secure a crypto job is over – know-how is becoming increasingly formalized. Blockchain technology already takes a place in continuing education for bankers. It can't be long before the first diplomas for «blockchain bankers» surface.
