Roundup: 23/09/2018 – Switzerland guidelines to stop blockchain drift, Argentinians adopt Crypto amid Recession

Switzerland releases guidelines to halt blockchain drift

The Swiss Bankers Association has released a guideline that gives blockchain companies and startups an orientation on what banks require to offer them services. This initiative of the SBA aims to halt the recent drift of blockchain companies out of Switzerland. Banks are understandably skeptical and critical of everything related to cryptocurrencies. Consequentially, crypto startups have started to leave the country as they did not have access to financial services. However, becoming a crypto-friendly country seems to get more and more important for the Swiss Republic. Recently, the Swiss Minister for Finance visited Israel to agree on a collaboration regarding the regulation of cryptocurrencies. Switzerland has gained an international reputation for its successful policies on crypto and blockchain. A status that the SBA has recognized. The guidelines could effectuate a reversal of the negative trend.

Will Turkey rely on ICOs to stimulate economic recovery?

Turkey is yet another example of rogue states that have adopted a crypto-friendly policy due to economic regression. The Minister of Finance Berat Albayrak announced an economic program that seeks to boost investment in the Mediterranean country. The report that backs Albayrak’s statements details how Turkey aims to reverse the regressive trend in the country. However, the report was criticized for being very implicit on the subject. The 34-pages long report also encompasses a passage about ICOs. It mentions the blockchain and cryptocurrencies as a promising future technology. But it remains unclear how ICOs and cryptocurrencies will help the Turkish economy to recover.

Argentinians adopt Bitcoin & Co. to avoid inflation

As Bitcoinist reports, investors are holding on to Bitcoin to save their savings from inflation. The Argentinian economy has suffered for 15 years from a form of vulgar socialism under Nestór and Christina Kirchner. Mauricio Macri became the president of Argentina in 2015 and although he is a moderate social democrat his policies are much more pro-business. Many international experts deem that his policies address the real underlying problems of the still ongoing recession in Argentina.

However, Macri’s policies are harsh. Macri opened the forex market in 2015 which led to a direct inflation of the Argentinian peso. Now the currency is inflating at an even higher rate. Macri introduced a 10% tax on exports. A tax reform that hits one of his strongest supporters the hardest: the farmers. Still, farmers are profiting from the current situation as they conclude their profits mostly in USD. The Argentinian population adopts Bitcoin & Co. to protect themselves from the inflation.