Exchange Swiss Franc / CHF to Bitcoin and vice versa

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Brief History of CHF/BTC trading pair

Switzerland as the world’s number one financial hub is a leader in the fintech industry development. The cryptocurrency acceptance in the country is higher than in any other country, people can purchase Bitcoins from ATMs, banks and even from the railway ticket machines. The bitcoin meetups are organized weekly or monthly in major cities to keep a vivid discussion on the ongoing events about cryptocurrencies.

CHF/BTC tradingBecause of the high level of cryptocurrency in the country, the trading activity on exchange platforms is relatively low compared to other countries. The most popular exchange platform is Local Bitcoins. But exchange platforms do exist on the Swiss market as well. Many bitcoin and cryptocurrency business choose Switzerland as headquarter due to the favoring local regulation.

The Swiss franc is the official currency and legal tender (accepted form of payment in Switzerland and in Liechtenstein. Because of the many different languages used in Switzerland, Latin is used for language-neutral inscriptions on the coins. The Swiss franc is used as a reserve currency around the world. The economy of Switzerland is one of the world’s most stable economies. Its policy of long-term monetary security and political stability has made Switzerland a safe haven for investors

Exchange CHF to Bitcoin

Exchange CHF to bitcoinThere are a couple of exchanges on the Swiss bitcoin market where the CHF/BTC trading pair is available. Lykke is one of the leading electronic wallet providers that lets users buy bitcoin directly from the application installed on the mobile devices. Coinsbank enables users to run a CHF account beyond the bitcoin denominated funds.

As Switzerland participate in the SEPA (Single Euro Payment Area); those bitcoin exchanges that accept SEPA transfers mean also low cost of deposit for funds received in CHF. Other forms of payments, like credit card purchases or using third party payment providers, are also very common on bitcoin exchange platform.

CHF/BTC Country Specific Regulation: Bitcoin in Switzerland

Switzerland is one of the leading countries in terms of bitcoin and cryptocurrency regulation in the world.

The first aim of official regulation of bitcoin happened in 2013. By the end of that year, the Swiss Parlament was officially asked to evaluate the opportunities the usage of bitcoin could mean to the financial sector of the country. The proposal put forth by 45 members of the Swiss Parlament included questions about VAT and AML treatment of bitcoin as well.

In responseTrade Swiss Franc against Bitcoin to this request, the Swiss Federal Council issued a report next year in June 2014 about cryptocurrencies. In this report, the Federal Council stated that there is no need to have special regulation as virtual currencies already regulated in the country.

This statement made it clear that the bitcoin can be used just like any virtual money in the country legally. Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license

In 2016, one of the Swiss cities, Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies.