The Swiss government seems to be taking concrete steps to move forward with its plans to create a cryptocurrency issued by the state. The government of the Alpine nation has requested a preliminary report on the risks and opportunities of the e-franco. Switzerland is one of the crypto-friendly countries in the world.

## Risk and Opportunities of Franco's management
Cedric Wermuth is the main promoter of the study. Wermuth is the vice president of the country's Social Democratic Party. According to Reuters, the Swiss Federal Council has endorsed Wermuth's proposal for an e-franco report.

With the support of the government, it is now up to the country's parliament to move the process forward. Once the lower house of Parliament gives its approval, the country's Ministry of Finance will conduct a study.

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Earlier this year, Romeo Lacher, the president of the Swiss stock exchange, urged the government to consider issuing a national cryptocurrency. According to Lacher, such a move will boost the local economy and improve the financial infrastructure without cash in the country.

Conversely, the National Bank of Switzerland (SNB) dismissed the need for a national crypto. Bank of the apex of the country believes that the ecosystem without cash that operate in the country does not require an update. Speaking in April, Andrea Maechler, Governor SNB, said government encryption standards pose a greater risk than digital currencies issued by private parties.

## Proceed with caution
In light of the inherent risks, the government is moving with a good deal of caution. A statement from the Federal Council on the proposed report says that:

The Federal Council is aware of the main challenges, both legal and monetary, that would be accompanied by the use of an e-franc. It is requested that the proposal was adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of Franco's management.

The government has given no official calendar on the proposed date, when the report was published if the study was approved.

Switzerland is not the only country that is considering the idea of a crypto issued by the state. The Swedish Riksbank previously announced that it would create the e-crown, a cryptocurrency version of its fiduciary currency. Earlier this year, Venezuela launched the petro, a digital currency backed by the country's oil reserves.