Ticino, the Swiss canton, could see its local bitcoin

8 years ago - Published in Finance, Fintech Land, Technical Analysis

Ticino, the canton in southern Switzerland, has revealed its plans to issue its own local digital currency for everyday use. The future cryptocurrency called Ticinocoin (TIC) is a brainchild of computer scientists Claudio Rossini and Michele Fiscalini.The developers have already tested the currency: the pilot phase of the project was completed last week, Tribune de Geneve reported.

Regional virtual currency based on the blockchain technology is expected to stimulate the local economy offering faster, more transparent and less expensive transactions.  

According to Fiscalini, circulation of TIC may be limited to local services and products from Ticino. The exchange rate of TIC is expected to be one Swiss franc. The operations with ticinocoin may require obligatory authorisation by FINMA, the Swiss monetary regulator, the release said.

If the digital currency is put into use, Fiscalini adds that it could save administrative costs for the region, while every transaction is recorded and secured on a blockchain, visible to everyone.

“There are already terminals that merchants could use to collect TicinoCoin” claims Fiscalini.

Ticinocoin is not the first local currency in Switzerland. In 2015, Lémanic Arc introduced the regional currency Lémans, which now accounts for over 100,000 units in circulation. The launch of the electronic version of Léman is due in March. Furthermore, Valais may introduce its own complementary currency Farinet this year.
In May 2016, the City Council of Zug in the east Switzerland launched a pilot project allowing to pay for municipal services with bitcoin.

The operator of Switzerland’s national railway service began selling bitcoin from over a thousand ticketing kiosks late last year. The pilot project will last two years. In a further sign of bitcoin awareness and adoption permeating into Swiss society and industry, the Swiss arm of global services and auditing giant Ernst & Young (EY Switzerland) installed a bitcoin ATM among its offices and (arguably unprecedentedly) began accepting bitcoin as payment for its services.