The Federal Council of the Government of Switzerland explores the possibility of issuing its own state-backed digital currency called “e-franc”, as it requests a study to see the risks and opportunities of a national cryptocurrency, reported Cointelegraph on May 16.
The government employee that brought this idea is Cedric Wermuth, a Swiss lawmaker and vice-president of the Social Democratic Party but the parliament still has to decide if it will support the project.
There has not been any time determined for the process and the Swiss Finance Ministry will conduct a study to decide if it should approve the initiative.
The Council said,
“The Federal Council is aware of the major challenges, both legal and monetary, which would be accompanied by the use of an e-franc… It asks that the proposal be adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.”