Switzerland’s SBB Will Offer Franc-to-Bitcoin Trading

Guest Author | October 30, 2016 | 11:00 pm

Switzerland’s SBB Will Offer Franc-to-Bitcoin Trading

Guest Author | October 30, 2016 | 11:00 pm

If you love bitcoin and you’ve ever fancied a trip to Switzerland, now may be the perfect time.

In an unusual and positive twist, the country’s rail system has announced that it will offer customers the opportunity to trade francs for bitcoins starting November 11. Just think… Now you can travel cross-country and get a first-rate view of the alps with a few trusty bitcoins by your side.

The move is meant to test Switzerland’s attitude and potential necessity for cryptocurrency, which for the most part, has been largely unavailable until this point. In a statement, the SBB system explains:

“There have been few possibilities to obtain bitcoins in Switzerland until now… With its 1,000-plus ticket machines, SBB operates a dense, around-the-clock distribution network that’s suited for more than just ticket sales.”

When one considers Switzerland’s financial background, the fact that bitcoin has been missing-in-action does make sense, somewhat. Switzerland is known for its central banking tactics; the world’s wealthiest trust Switzerland’s financial style, and line up in droves to get their hands on a unique routing number. Once a Swiss bank is opened, it’s very difficult to close, primarily because the country expects faith from its customers and knows it can back its reputation with the safety its clients require.

It’s unknown if the introduction of bitcoin and related virtual currencies will lead to a dip in this trust, but it does prove that knowledge of bitcoin is spreading every day, and the status it has sought to reach since its introduction may soon become a reality.

Approximately 1,000 kiosks will be equipped with the franc-bitcoin trading option via SweePay, a national financial services firm. Customers must provide a mobile phone number for identification, and limit their transactions to 500 Swiss francs or less. At the time of this writing, one bitcoin is worth nearly 700 Swiss francs, comparing them in value to USD.

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