The parliament of the Swiss canton of Bern has passed legislation to study Bitcoin mining, according to Samuel Kullmann, a Bitcoin-friendly member of the right-wing populist Federal Democratic Union of Switzerland (EDU) party.
The vote was 85 to 48 in favor of the aforementioned legislation.
The proposal was co-sponsored by Kullmann, Simon Ryser, a member of the Green Liberal Party, Mathias Mueller, Korab Rashiti, two members of the Swiss People's Party, and Philipp Kohli, a member of the Center Party.
The cantonal government is now tasked with preparing a report to analyze the potential of Bitcoin mining.
Alex DovbnyaThe canon could potentially utilize unused energy for producing Bitcoin, a practice that is gaining more traction around the globe. As reported by U.Today, a subsidiary of Tokyo Electric Power Company Holdings recently started mining the largest cryptocurrency with excess green energy.
Bern will also explore how Bitcoin mining could potentially be used for stabilizing the energy grid.
The proposal is part of the legislative initiatives from the nonpartisan "Parliamentary Group Bitcoin." It is aimed to ensure that the cancon is prepared for the digitization of the financial world.
"We expect that Bitcoin will play a central role in financial systems of the future and that its potential is diverse. If the Canton of Bern can develop an innovative strategy, it could become an attractive location for Bitcoin-related businesses," the legislation said.
The proposal mentioned that Bitcoin's appeal stems from Bitcoin's appeal stems from its fixed supply cap of 21 million coins. "The guaranteed scarcity makes Bitcoin an interesting alternative for people seeking a store of value beyond traditional currency systems," it said.
Godfrey Benjamin
Dan Burgin
Vladislav Sopov