Recently, Switzerland joined hands with Israel in order to share their experiences and exchange notes on regulating the blockchain technology. Switzerland has asked Israel to give access of their local markets to Swiss Banks. Ueli Maurer, Switzerland’s minister of finance, and Joerg Gasser, state secretary for International Financial Matters, visited Israel and participated in requesting the access of Israeli local markets.
Switzerland has been supporting blockchain based projects and trying its best to evolve in to a crypto nation. The country has been working out some changes and welcoming new prospects to establish itself to avail benefits from the blockchain technology. Therefore, the revolutionary strength possessed by blockchain is looked forward by the country. Regarding the revolutionary trait, Chris DeRose, host of Bitcoin Uncensored, blockchain enthusiast and podcaster, told BlockPublisher his thoughts on blockchain technology. He said;
Shared hope (blockchain technology) revolutionizes everything best I can tell.
Switzerland’s government has backed the city of Zug with cooperation and support to make it the blockchain hub of the world. Switzerland has ensured that blockchain companies, decentralized businesses, and cryptography institutions are comforted in every possible manner and that’s why companies like Ethereum, Monetas, Bitcoin Suisse, Xapo, ShapeShift, ConsensSys and Tezos are located there. Due to the concentration of blockchain based businesses, the place is now referred as ‘Crypto Valley’.
On the other hand, Israel has shown keen interest in blockchain technology as well. In past, Czech’s Benson Oak decided to fund around $100 million into Israel blockchain based startups. Since then, many blockchain startups have been introduced and blossomed. For instance, Applied Blockchain, a startup founded by Adi Ben-AriTo, used to track commercial drone flights and deliveries with the help of blockchain technology, got launched. Airobotics, another Israeli startup , world’s first company to obtain authorization from the Civil Aviation Authority of Israel (CAAI) to fly commercial, succeeded in devising drones that operated in absence of human supervision.
Furthermore, Bank of Israel (BOI), Israel’s central bank, teamed up with finance ministry to launch their own cryptocurrency. CoaliChain, a startup blockchain technology company, has been working on an open government model for Israel so that the communication gap between locals and elected can be minimized.
Both, Switzerland and Israel, have numerously associated with blockchain technology and welcomed its application in many fields. This has made both countries well suited for helping each other.