What’s With The Crypto Valley Association Board Shuffle?

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Crypto Valley Association board members Oliver Bussmann, Vasily Suvorov, René Hüsler, and Nicolas Schobinger have announced that they will not be seeking re-election in the board elections, which are scheduled for January 2019.

Current Board Members Feel New Perspectives Will Be Beneficial

In a joint statement published on LinkedIn, Bussman, Suvorov, Hüsler, and Schobinger say that the Crypto Valley Association (CVA), a blockchain- and crypto-friendly ecosystem, will benefit from new perspectives on the board. They say that the CVA has made some significant strides since its founding in January 2017, and especially contributed to the growth of “Crypto Valley” in Zug, Switzerland.

These four board members will work toward a smooth transition to the newly elected board members. The incumbents also stated that they are confident that the future board members will continue the forward momentum in Switzerland’s blockchain-related efforts,  many of which have been backed or aided by the CVA.

Blockchain Growing in Switzerland, But Not Without Challenges

Switzerland’s government is generally friendly toward crypto and blockchain, which has attracted several entrepreneurs in this industry.

Sirin Labs, for instance, has put down roots in Switzerland and is ready to release a blockchain-based smartphone named in honor of the Bitcoin pioneer Hal Finney.

However, Switzerland’s financial sector has been much cooler toward crypto and blockchain than it may seem. Crypto and blockchain insiders have promised that this decade-old innovation could do the financial sector’s job more efficiently and cost-effectively than large banks normally do. Although large banks probably won’t admit it, this may be the reason that the mainstream financial sector often refuses to do business with startups in the blockchain sector.

The Swiss government recently chastised its financial sector for its chilly attitude toward Crypto Valley, and Switzerland is not the only nation to notice this problem. A Chilean court ordered three major banks to resume services for cryptocurrency exchanges operating legally within Chile. The UK’s FCA also issues a scathing report accusing banks of anti-competitive behavior toward blockchain startups.

“There are… apparent inconsistencies within individual banks regarding how they apply their assessment criteria in approving access to banking services,” the FCA report stated.

Organizations, like the Crypto Valley Association, may be helpful not only for encouraging and supporting cryptocurrency and blockchain startups but also for educating regulators, such as Switzerland’s government, about the unique nature of cryptocurrencies and blockchain.

These four board members are simply stepping aside to allow people with new and different perspectives a chance to take the reins. So have no fear, the CVA is left in good hands.

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