Ticino, a region in southern Switzerland, has revealed its plans to issue its own local digital currency for everyday use.
The announcement comes on the heels of the City Council of Zug in the east Switzerland launching a pilot project allowing paying for municipal services with bitcoin last May. During the initial phase of the programme, the maximum amount payable with the cryptocurrency was limited to 200 Swiss francs. The city authorities are not opposed to extending the experiment to other cryptocurrencies.
Called “Ticinocoin” (TIC), the future cryptocurrency is a brainchild of computer scientists Claudio Rossini and Michele Fiscalini. The developers have already tested the currency: the pilot phase of the project was completed last week, Tribune de Geneve reported.
According to Fiscalini, circulation of TIC may be limited to local services and products from Ticino. The exchange rate of TIC is expected to be one Swiss franc. The operations with ticinocoin may require obligatory authorisation by FINMA, the Swiss monetary regulator, the release said.
Ticinocoin is not the first local currency in Switzerland. In 2015, Lémanic Arc introduced the regional currency Lémans, which now accounts for over 100,000 units in circulation. The launch of the electronic version of Léman is due in March. Furthermore, Valais may introduce its own complementary currency Farinet this year.