Swiss Banks Threatened by the Blockchain Takeover?

Perhaps the most well-known use case for cryptocurrencies  is cutting out the middleman in transactions. As blockchain technology continues to disrupt various industries, one that appears to be square in it’s sights is the banking industry. Considering the fees, commissions and significant transaction times that banks require to conduct business, blockchain technology and cryptocurrencies threaten to take significant market share upon mass adoption. One country in particular, known for its high fees, commissions and lax governance, stands to suffer the most from this decentralized storage of value. This country, Switzerland, is notorious for its massive banking industry that stores an astonishing amount of world’s excess wealth.

The decrease in fees and revenue from cross-border trades will stem from blockchain technologies inherent ability to facilitate cheaper, more efficient transactions. What could be an even greater concern for Swiss banks is the fact that cryptocurrency allows for people to disconnect their currencies entirely from the bank, cutting off all means of revenue. A common call to action amongst crypto-enthusiasts is to “Unbank the Banked!”.  Admittedly, dismantling the entire financial system seems like an unlikely occurrence. Yet as a country that is amongst the top 5 in handling cross-border transactions that thrives on shilling privacy protected accounts, there is great pressure for Switzerland’s banking system to adapt and implement blockchain technology.

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