Recently, there has been a meeting between the authorities of Israel and Switzerland to ensure that the markets of Israel are open for the various banks of Switzerland. It is believed that the collaboration will take place between the two countries following the discussions related to the regulations in the sector of virtual currency. It is being said that the authorities of Switzerland have formulated a new set of regulations, and it is expected that these regulations will soon be accepted by the parliament.
This can be considered a major step forward for Switzerland, which has already been a major player in the field. Switzerland has been a country that is immensely conducive to the field of virtual currency. Its area, Zug, has been known for the suitability for the sector of Blockchain. Ethereum, a popular cryptocurrency, has its headquarters in this area of Switzerland.
Even as the weather in Switzerland is suitable for the operations of virtual currency, a similar thing cannot be said about the norms put forward by Central bank; there are concerns in the market because of the hindrances caused by the government of Switzerland. The government presents these concerns due to the increase in the number of people interested in developing their business in the sector. The central bank is concerned with the issue of crowdfunding existence in the country. The startup in Zug is also looking forward to the development of a stable coin that can help with the growth in the field without any added assistance from the various banks. However, it is also necessary to understand that Israel is also a highly developed country when it comes to contributing positively to the collaboration. It is, therefore necessary to understand the dynamics which are governing this kind of collaboration. It is also necessary to understand that this raises some very important questions regarding the relevance and future of the banks with the arrival and popularity as well as the various roles played by it in the modern times.