The digital shift in the Swiss economy shows “considerable opportunity” for Switzerland Stablecoin, says Bitcoin Suisse

The Swiss economy shows the early signs of complete digitization, as digital transactions have now surpassed monetary payments, in accordance with the new research.

Switzerland has long hit cash, with an average person retention About $ 10.481 on accounts and coins. It was a cultural norm, valuable for privacy and lightness. But the new Survey appears from the Swiss National Bank shows that debit cards are now cut cash as the most common payment method.

Survey found That 2024. Years 35% of the purchase in Switzerland made with debit cards, overtaking cash, which made 30%. It is a big jump since 2017. years, when only 21% of payments made with cards, and 70% were still in cash.

For years, Switzerland was held on their cash-based culture, even as digital payments became more popular elsewhere. But now the experts say that the transition to payments is not all surprising.

To an interview In addition to Bloomberg, Aleksandar Koch, Economist in Raiffeisen Switzerland, said international comparisons “show that in particular the state of German speech is very attached to cash, unlike the Netherlands and Scandinavia.” He also noticed that the pandemic “accelerated a move from him here too.”

Opportunity for Switzerland StablCoin

Despite the growing trend of digital payments, Switzerland remains one of the world’s best bearers of cash. The country is ranked per second for the largest average cash savings per person, in addition to only in Luxembourg.

However, the transition to cash continues. October of SNB announcement that public transport operators plan to reduce cash acceptance further underlines this trend. In an interview with Cripto.News, Dominik Veibel, head of research in Bitcoin Suisse AG, suggested that Switzerland increases the adoption of cards in cash “signals wider openness for digital forms of money.”

“While the crypto payments today remain niche, the transition to a digital payment means creates
Fertile soil for usefulness, especially since 8% of the global population is now the owner of the crypto. Vorldline already supports the CRIPTO at +85,000 merchants, and cities such as Lugans, for example, accept BitCoin or Stablecoins for daily transactions. “

Dominik Veibel

Weibel also pointed to cities like Lugan, where Bitcoin (Btc) A stablecoins are already accepted for daily transactions, as a sign of growing acceptance.

“We expect the adoption to develop from a new concept in a broader option in retail, although it is relatively slowly at the time of home currencies, catalyzing demand for tokenized dollars.”

Dominik Veibel

The SNB research also found that 18% of the country’s payments were made via mobile pay applications, while credit cards accounted for 14%. Addressing the growing acceptance of mobile payments, Veibel sees a significant role of stablecoins and tokenized assets in a wide landscape, saying that Stablecoins “positioned” are “positioned to catch the largest piece of cake, because they remove the headache removed from crypto. “

“While dollar denominated Stablecoins, there is a significant opportunity for Switzerland Stablecoin. The increasing adoption of mobile pay applications already indicates readiness to accept Novembernima’s new salary embrace.”

Dominik Veibel

The next logical step, Veibel claims, is tokenized by Swiss Francs that simplify payments while unlocking new functionality such as the current settlement, amata of the smart contract and the possibilities of the contract and the possibilities of decentralized finance. “

No rush with CBDC

Despite the increase in reliance in digital payments, the SNB has made it clear that it does not intend to rush in the introduction of the digital currency of the Central Bank, especially as carefully due to potential costs and privacy concerns related to digital money.

As explained by Thomas Moser, senior economist on SNB In an interview 2021 With small systems, the central bank is cautious to replace cash with CBDC, because “risks surpass benefits compared to existing systems”.

Moser further emphasized that one key factor in Switzerland is to convince the so-called e-franc is the focus on data protection, noting that “one cash advantage is to use it to use it completely anonymous.”

“If, on the other hand, you pay digitally, a lot of data is generated. Not only Financial data, but also information about what you buy and where you are at any time.”

Thomas Moser

As in the use of money decreasing in Switzerland, Veibel pointed out recent developments of Swiss banks, such as UBS’s issuance of digital bonds and active SNB’s wholesale CBDC pilot driving. He has shown that he has put institutional engagement from Blokska infrastructure “demonstrates clear acceleration” that Bitcoin Suisse AG expects this tresthery to “manifest on multiple institutional verticals in months and years ahead of us”