Swiss National Bank Against Investing in Bitcoin (BTC) as a Reserve Currency Right Now: Report

The Swiss National Bank (SNB) is reportedly against using Bitcoin (BTC) as a reserve currency right now, but it is prepared to purchase the crypto asset if that changes, according to its top official.

While speaking at a general meeting of shareholders, SNB chairman Thomas Jordan says the central bank has no current plans to add Bitcoin to its balance sheet, according to a report from Reuters.

“Buying Bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on Bitcoin. We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have Bitcoin on our balance sheet. But from the current perspective, we do not believe Bitcoin meets the requirements of currency reserves, that’s why we have until now decided not to have Bitcoin on our balance sheet.”

The Federal Reserve Bank of St. Louis reveals that the SNB is currently holding over $1.076 trillion worth of foreign currency positions.

Crypto insights firm Coincub recently ranked Switzerland as the fifth-most crypto-friendly country on earth, after Australia, the United States, Singapore and Germany.

Bitcoin is trading for $38,770.36 at time of writing, down more than 2.5% in the past 24 hours. The top-ranked crypto asset by market cap is also down nearly 18% in the past month.

 

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