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December 10, 2013updated 04 Apr 2017 4:09pm

Swiss Parliament will vote on proposals to treat Bitcoin as a foreign currency

The Swiss Parliament is to vote on proposals submitted by the Parliamentary Group for Digital Sustainability (Parlidgi) to recognize Bitcoin as a foreign currency.

By Verdict Staff

The Swiss Parliament is to vote on proposals submitted by the Parliamentary Group for Digital Sustainability (Parlidgi) to recognize Bitcoin as a foreign currency.

Parliament will be required to evaluate the opportunities offered by Bitcoin to the nation’s financial sector.

At the same time, the Parliament will also have to consider the legal standing of the digital currency, in relation with anti-money laundering regulation, VAT and securities laws. If the Parliament approves the proposals, the Federal Council of Judgment, the executive arm of government, will have the last word on it.

In a statement, the Pardigli faction said: "Pardigli’s members coming from major parties such as SP, FDP, GLP and the Greens have concluded that Bitcoin and comparable digital currencies not only pose risks, but also opportunities for Switzerland’s financial sector."

The group, made up of 45 members of Parliament, added: "Furthermore, as Bitcoin is already in use as a means of payment in Switzerland, it makes sense to ensure legal certainty regarding money laundering laws and VAT."

Pardigli has stated that is already started to accept donation in bitcoins, in order to spread the credibility and legitimacy of the digital currency as a medium of exchange.

A favourable Swiss decision may represent a turning point in front of the recent scepticism expressed by the Chinese and Dutch regulators on Bitcoin’s reliability.

Related articles:

Fiserv unveils new financial crime risk management platform

China’s B2B electronic payments will reach USD47bn in 2013

Chinese regulator bans Bitcoin transactions

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