For years, Switzerland was known in the world for its banks. But now, a new financial industry takes root in the country. The local leaders have tried to establish a centre for crypto-currencies, and their latest catch is the chinese giant, Bitmain, which has opened a new branch in the city of Zug.
The launch of Bitmain Switzerland
Bitmain Technologies Ltd, the producer of machines for the mining of crypto-currencies, including Bitcoin, based in Beijing, has opened a new branch in Zug, Switzerland. The chinese company explained that it had chosen the site of Zug, switzerland, because Switzerland was one of the most developed countries, with good legal stability and hands-work qualified. Bitmain says that it will employ more employees to Zug in the future and that it will actively communicate with the regulatory organizations and the Authority of the financial market.
Check out below the details of this novel :
The spokesperson of the group said that Bitmain Switzerland will play an important role in its global development. This is the first opening in Europe for Bitmain, which already has branches in the United States, Singapore and Israel, he added. The time has come to build a hub in Europe in order to offer better services, he explained.
The global expansion of chinese companies
Encouraged by the government to develop at the international, many chinese companies have created new businesses in other countries around the world. The mining industry chinese has been forced to develop elsewhere due to the possible repression of the authorities of the country.
There are indeed conflicting reports on the position of the chinese government regarding the mining of digital currencies. Switzerland, among other countries, should benefit from a welcoming environment for those who are seeking to expand in a safer place. This decision could encourage other chinese companies to operate in this region.
Source : NewsBitcoin