If the entire banking system were frozen, you would still have the possibility of sending assets to other VeraCash members. In addition, your government would not be able to confiscate your precious metals in Swiss.
In the event of a bail-in, the banks would be entitled to deny cash withdrawals. If this should happen one day, your VeraCash payment card would be unusable too, because it is a classic prepaid Mastercard.
However, your government would not be able to confiscate the precious metals you hold via your VeraCash account, as these are all housed in a free zone.
Unlike banks and neobanks, the VeraCash model is based entirely on physical assets, which allows us to manage transactions without using the payment card.
If a catastrophe should come to pass, you would still be able to continue to use your precious metals as a means of payment by using the send assets feature. As a result, if the entire banking system were frozen, VeraCash users could continue to exchange money with one another. We are currently working to expand the VeraCash network to merchants, in the form of business accounts, so that you can pay your merchants directly in VeraCash. Further, in extreme circumstances, we would be able to send value by text message.
Otherwise, you would also be able to retain your precious metals while you wait for the crisis to pass, or else withdraw your VeraCash in neighbouring countries or even anywhere else around the world.