With 73 % of voters in favor, Switzerland approved the permanent use of cash in a referendum this Sunday, March 8.

In an increasingly digital world, a high percentage of transactions in Switzerland are still paid for with cash. The referendum to decide whether this payment method would be maintained was announced last year.

Thanks to the voters’ support, state entities must now guarantee “the availability of cash in the country, and it is ruled out that it could ever be replaced by virtual money. This guarantee will be enshrined in the Constitution.”

Meanwhile, due to the rise of digital payment platforms and applications, Switzerland, like the rest of Europe, will continue to consider “the possibility of launching a virtual Swiss franc in the future, a cryptocurrency issued by the Swiss National Bank, which, following today’s vote, will have to coexist, if it comes to fruition, with physical coins and banknotes.”

M.Pino

Source: 20minutos

(Reference image source: Claudio Schwarz on Unsplash)

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A study by the Crypto ISAC platform has revealed the preference of criminals for cash for their misdeeds over cryptocurrencies.

Cash leaves no digital footprint, making it almost impossible to detect illicit transactions. Hence, it is the preferred tool of criminals.

In contrast, in the case of cryptocurrencies, blockchain technology “offers greater transparency and traceability.”

Crypto ISAC details in the report that although “it is impossible to track the exact amount of illicit activity in the traditional financial space, the estimated amount of money laundered globally in one year is 2-5 % of the world’s GDP, that is, between 800,000 and 2 trillion dollars.”

For its part, the blockchain company Chainalysis detailed that last year, only “0.34 % of the transaction volume on the chain was linked to illicit activities.”

In any case, cryptocurrencies have been linked to illegal transaction for a long time because of the collapse of exchanges that, in any case, only represent a small part of the total cryptocurrency volume.

M.Pino

Source: cripto247

(Reference image source: Pepi Stojanovski in Unsplash)

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