Digital shift in Swiss economy shows ‘substantial opportunity’ for Swiss stablecoin, Bitcoin Suisse says

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Switzerland’s economy is showing early signs of complete digitalization, as digital transactions have now surpassed cash payments, according to a new survey.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Switzerland has long favored cash, with the average person holding around $10,481 in bills and coins. But a new survey from the Swiss National Bank appears to show that debit cards have now edged out cash as the most common way to pay. In an interview with crypto.news, Dominic Weibel, head of research at Bitcoin Suisse AG, suggested that Switzerland’s increasing adoption of cards to cash “signals a broader openness to digital forms of money.”

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Weibel also pointed to cities like Lugano, where Bitcoin (BTC) and stablecoins are already being accepted for everyday transactions, as a sign of growing acceptance. Notably, the SNB’s survey also revealed that 18% of payments in the country were made via mobile payment apps. The next logical step, Weibel argues, is tokenized Swiss francs that can “plug into both mobile apps to streamline payments while unlocking novel functionality like instant settlement, smart contract automation and the opportunities of decentralized finance.”