For centuries Switzerland was known around the world for its tradition of banking secrecy, but now a new financial industry is taking root in the country. Local leaders tried to establish a cryptocurrency hub, and their latest catch is Chinese bitcoin mining giant Bitmain, which expanded to a new location in the picturesque Swiss canton of Zug.
“Bitmain Switzerland will play a key role in our global expansion,” the company’s spokesperson told the German-language Swiss newspaper Handelszeitung. This is the first foothold in Europe for Bitmain which already has branches in the US, Singapore and Israel. “Now is a good time to build a hub in Europe to provide better services,” he proclaimed.Bitmain Technologies Ltd., the Beijing-headquartered bitcoin mining machines (ASIC chips) producer, has established a new branch in Zug, Switzerland. The Chinese company explained it chose the Zug location because Switzerland was “one of the most progressive countries”, “with good legal stability” and a skilled workforce. Bitmain says it will employ more employees in Zug in the future and will “actively communicate with self-regulatory organizations (SROs) and the Financial Market Authority (Finma).”
Chinese Global Diversification
There are conflicting reports about the position of the Chinese government with regard to such a move against bitcoin mining, and it’s always wise not to keep all your eggs in one basket, just in case. Switzerland, among other countries, looks poised to benefit from offering a welcoming environment for anyone looking to expand to a more secure location.
Source from News.bitcoin/Images from Shutterstock.