Zurich lags behind in Bitcoin and new finance

There are many differences in attitudes towards new things, especially when it comes to Bitcoin and other digital currencies. On this issue, two Swiss cities, Zurich and Zug, show particularly different attitudes.

Zug is a model city for Bitcoin, especially after the local city hall decided to allow citizens to pay fees and bills with Bitcoin. This brings us to Zurich, where the city government is not very interested in the use of Bitcoin.

According to local media reports, the Zurich City Council has no intention of following Zug's footsteps in relaxing restrictions on digital currencies. Zurich's managers may not have enough confidence in digital currencies. This uncertainty stems from the legal loopholes in digital currencies and the sharp price fluctuations. However, two local councillors are striving to expand the development of digital currencies in the local area. As part of Zurich's 2035 growth strategy, the city seeks to create a sound IT infrastructure and digital support services. Therefore, the city council began to seek to attract information and communication technologies and gradually get involved in digital currencies.

Zug has become the most popular region for Bitcoin and blockchain startups. Many well-known startups have chosen Zug as their office. At the same time, in order to create a Bitcoin-friendly atmosphere, Zug is inviting more new financial companies to choose their locations in the region. On the other hand, Zurich has only 32 places that allow people to pay with Bitcoin.

Zurich is clearly lacking in initiative in Europe’s new financial sector. Although the city remains a major financial center in the world in terms of traditional financial markets, Zurich may eventually become an irrelevant part if it does not embrace the digital currency revolution as soon as possible.