Swiss voters decisively rejected a radical proposals meant to make the financial system safer by changing the way banks provide loans to the economy at a referendum that took place on June 10. The Vollgeld, or “sovereign money” initiative, has, nevertheless, won almost 500 000 votes, or around 25% of those polled.
The controversial Sovereign Money Initiative implies barring commercial banks from creating electronic money when they lend beyond their deposits. Such a system closely resembles that offered by Bitcoin network.
“Cryptocurrency and the blockchain does look like where we’re heading. It could have been used under the system we were proposing,” said Emma Dawnay, board member of MoMo, the group which proposed the Sovereign Money Initiative.
The last decade saw the emergence of blockchain-based Bitcoin network, which became a technological alternative to the debt-based financial industry. The has been a lasting split in opinion towards this phenomenon.
Whereas some of the big names, including Warren Buffet and Bill Gates, have been expressing skepticism on the matter, some others were being quite bullish about bitcoin in particular and cryptocurrencies in general.