One of the seven members of Switzerland’s collective head of state stated that blockchain will someday “penetrate our entire economy,” according to a transcript published by the Federal Department of Economic Affairs, Education and Research today, June 21.

Swiss Federal Councillor Johann N. Schneider-Ammann stated during a speech at the Crypto Valley Conference in Bern today that:

“Hardly anyone still doubts that blockchain will penetrate our entire economy.”

However, Schneider-Ammann added that at this point, Switzerland does not know enough about the new technologies, “their potential and their risks,” noting that the “decisive factor” will be a push for tech education:

“We need to put even greater emphasis on digitalisation and technology in schools. We need more IT specialists (not to mention Blockchain experts). And we need more research projects and professorships in this field.”

Schneider-Ammann also noted that regulation in the sphere of blockchain, cryptocurrencies, and Initial Coin Offerings (ICO) is needed moving forward, mentioning a “Blockchain Task Force” cooperating with private actors led by himself and finance minister Ueli Maurer:

“But just to be clear, a good economic framework doesn’t mean giving carte blanche! Abuses must also be consistently prevented in the new digital world. And businesses need legal certainty. Otherwise investment will be withheld.”

Switzerland has been referred to as a crypto nation, specifically in reference to Zug’s “Crypto Valley,” due to its crypto friendly tax regulations and “balanced approach” to tokens issued in ICOs. In early June, Zug announced that they would be holding the country’s first blockchain-based municipal vote this summer.