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Switzerland

Switzerland’s Canton of Bern has approved a proposal to explore btc-bitcoin icon mining as a solution for excess energy utilization and power grid stabilization. 

The initiative positions Bern at the forefront of technological innovation, potentially transforming it into a hub for crypto-related activities, like Lugano. 

Motion Received Backing From Various Political Factions Within Bern

On 28 November 20024, the Grand Council of Bern voted decisively, 85 to 46, in favor of a proposal that aims to investigate the feasibility of Bitcoin mining as a means to utilize surplus energy and stabilize the power grid. 

The motion, spearheaded by Samuel Kullmann, received backing from various political factions within the canton, including some traditionally conservative parties.

Kullmann noted that despite debates clouded by fear, uncertainty, and doubt (FUD), the proposal’s approval indicates a growing recognition of Bitcoin’s role in technological advancement. 

The council’s decision reflects an openness to exploring innovative solutions that could provide Bern with a competitive edge over other regions aspiring to become crypto innovation hubs.

Read more: Switzerland’s Stock Exchange Considers Launching Crypto Exchange For Spot Trading, Derivatives

Tether CEO Impressed By Crypto Regulations In Switzerland

Tether CEO Paolo Ardoino also expressed how impressed he was with the fact that Lugano accepts taxes in Bitcoin.

“I come from a small town. My grandparents trusted three people—the priest, the doctor, and the banker. I think that banker should go back to being the banker of the old times.” We are a society. Society was born to be peer-to-peer.

Applauding Foletti, who was elected again this year as the mayor, Ardoino said that “Lugano has become this huge showcase in the world for accepting taxes being paid in Bitcoin.”

Read more: Crypto Mayor Unveils Satoshi Nakamoto Statue In Switzerland. And Why Did Tether CEO Shift Base To Lugano?

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Akriti Seth is a Zurich-based Business Journalist and Crypto Editor. Her passion for journalism has taken her across the globe – from thriving as an on-television correspondent to writing engaging articles, she has worked for companies like Informa UK, Bloomberg TV India, CNA Singapore. Akriti’s interest in the cryptocurrency space stems from her writing for Crypto Council for Innovation and Daily Coin. She believes that decentralisation technology has the potential to empower marginalised communities across the world. Entrepreneur Magazine, Hindustan Times, Tech Panda, Hackernoon and other publications have featured Akriti’s writings.

View all Posts by Akriti Seth

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