The Point Zero Forum took place in Zurich for the fourth time. The future of the global financial system on the blockchain is likely to originate from here.
It has become quiet in Zug’s crypto valley, but once a year in Zurich it gets really loud when it comes to the future of blockchain money.
Insider tip for talks
Central bankers, regulators, crypto fans and media representatives come together informally at the Point Zero Forum to discuss digital money systems.
What Switzerland launched together with the financial center of Singapore has now become a real insider tip.
Lectures, discussions, presentations and Q&A sessions are the main focus.
But it is the discussions on the fringes of the forum that are most valuable, and for good reason.
Outstanding personalities
While there are now many such conferences all over the world, the three-day Point Zero Forum, which ended on Wednesday evening, is very special.
The Circle Convention Center at Zurich Airport is not about selling anything, which is why there are hardly any annoying ‘sales people’.
On the other hand, big names from the crypto and IT world, central banks, supervisory authorities and international organizations flock to the city on the Limmat.
It’s easy to get into conversation with all of these personalities.
Weber for stablecoins
The best example of this is former UBS President Axel Weber, who took to the big stage on Tuesday morning after welcoming remarks from Economics Minister Guy Parmelin and a Q&A session with SNB Chairman Martin Schlegel.
But Weber was still involved in discussions at the Forum late in the evening.
In response to a question from muula.ch as to whether he had now become a crypto fan – after his well-known aversion to bitcoins – Weber gave quite a relaxed answer.
He still rejects Bitcoin, said the former UBS Chairman. In contrast, his heart beats for stablecoins, said Weber.
Tether better than JP Morgan
The former favorite for the SNB chairmanship, Andréa Maechler, who is now Deputy Director General at the Bank for International Settlements BIS in Basel, also simply sat on a sofa after her exciting presentation on stablecoins and eagerly discussed with participants.
Maechler had previously clarified the new dimensions in the financial world: that major US bank JP Morgan had generated a profit of 58.5 billion dollars in 2024 with over 317,000 employees.
Stablecoin provider Tether (USDT), however, already managed a profit of 13 billion dollars with fewer than 200 employees.
The profit per employee in the crypto world is therefore light years higher, according to BIS Vice Chairman Maechler.
Function of Swift unclear
Crypto companies such as Binance, Circle, Crypto.com, Cardano, Ripple, Paxos & Co. each have top managers who are open to questions or controversial discussions.
Traditional financial or infrastructure providers such as Visa, Mastercard, Stripe, Robinhood, IBM, Microsoft & Co. do the same.
With so much dynamism, the dollar-based payment system Swift seemed almost old-fashioned.
This network will certainly soon no longer exist, even though sponsor name Swift was emblazoned at the entrance to the conference.
Finma director as a negative example
What is the decisive factor for supervisory authorities when it comes to Bitcoin, Ethereum, Ripple & Co. Many of the regulators present, from Malta to Japan, were asked such questions in a relaxed manner.
The Director of the Swiss Financial Market Supervisory Authority Finma, Stefan Walter, on the other hand, left immediately after a speech read off the page, as he did last year.
He doesn’t really have much to say anyway, as his authority is currently killing all financial innovation.
Nevertheless, Walter did not miss the opportunity to tell his fairy tale of technology-neutral supervisory activities … once again.
Stable group of people
A dialog with crypto enthusiasts would have the advantage of better understanding the other side.
Many a foreign regulator told muula.ch behind closed doors that the initial skepticism towards blockchain money has now turned into sympathy.
This is precisely where the Point Zero Forum in Zurich offers another advantage, which explains the popularity of the event. In the fast-moving crypto world, a tough group of participants has emerged who now know and trust each other.
Blackrock Switzerland CEO Dirk Klee, for example, was previously CEO of Zug-based crypto broker Bitcoin Suisse. The top manager told muula.ch at the forum that he feels a little more comfortable in his new role at Blackrock.
But crypto is also becoming more and more of an issue at the US asset manager. Klee was a perfect fit.
Missing advocate
“See you next year in Zurich again,” was often the farewell message at the Point Zero Forum.
But most of the participants promised to send white papers, technical specifications or to work together on some kind of project. It could hardly get any better.
With the departure of liberal Federal Councillor Johann Schneider-Ammann, Switzerland has lost an important advocate for the blockchain world and fintechs.
But at least foreign countries all now see Zurich as the place where they can forge future plans for the digital global financial system in connection with AI, quantum computing & central bank money.
08.05.2025/kut./ena.
