The Swiss government has banned cryptocurrencies such as bitcoin, the so-called dark web currency, in the country and banned the use of cash in all its banks.
The announcement was made by Finance Minister Bruno Lippert during a news conference with officials from the Federal Statistical Office, Switzerland’s statistical agency.
Lippert said bitcoin, one of the largest cryptocurrencies, has not been properly registered with the government.
Bitcoin was first introduced in 2009.
It is used for buying and selling goods and services in virtual currencies.
Swiss banks also started issuing a digital currency, called Swisscoin, in late 2015.
Switzerland is one of Europe’s largest exporters of gold and silver, which makes it one of its main sources of wealth.
It has also recently become one of world’s biggest bitcoin users, thanks to its high level of trading volume.
Bitcoin has been the subject of a global debate, with some governments threatening to seize its assets.
Sweden, one the biggest countries in Europe, has announced plans to ban the cryptocurrency in the wake of a crackdown on bitcoin trading by the country’s central bank.
Swedes are worried about the rise in crime and terrorism.
The country has recently introduced new rules aimed at curbing the use and exchange of digital currencies.