Swiss National Bank is against holding BTC as a reserve currency

May 14, 2022

In Switzerland, the central bank is opposed to keeping Bitcoin as a reserve currency, according to the Bank Chairman Thomas Jordan. This statement was done at the meeting of bank shareholders taking place on April 29.

As Jordan mentioned, the problem itself does not lie in cryptocurrency and the bank can buy the crypto assets directly or via multiple investment goods. He put emphasis on the fact that handling the organizational aspects can be completed in a short time once the institution is assured Bitcoin should be included in the balance sheet.

Now, CB doesn’t consider this crypto asset can as a safe reserve currency mostly due to its volatility. One more raised issue was about changes in climate. The Chairman stated that the Bank considers terminating its fund contributions to the organizations that speed up global warming due to carbon emissions. Also, Thomas Jordan emphasized that it is crucial for the National Bank that the financial sector can make a positive difference in carbon footprint.

The Bank has stopped investing in coal manufacturing enterprises. But as oil and gas contributions cannot be terminated at once, CB will address them consecutively to avoid rapid price increases in energy supply.

It should be mentioned that cryptocurrency wasn’t regarded as a problem for ecology, as the crypto mining process boosts the usage of green energy.

Other news

Crypto Portfolio Made Easy: Top 10 Trackers to Consider
June 6, 2025

Crypto Portfolio Made Easy: Top 10 Trackers to Consider

The trading sphere of e-currency can be wildly volatile — prices can shoot up and crash in minutes, which, without a…

More details
Switzerland Integrates Sanctions Compliance into Anti-Money Laundering Law
May 31, 2025

Switzerland Integrates Sanctions Compliance into Anti-Money Laundering Law

Switzerland, renowned for its robust financial sector, has long been a focal point in global finance. To uphold its reputation…

More details
Tax Benefits and Challenges for Foreign Companies Establishing Branch Offices in Switzerland
May 30, 2025

Tax Benefits and Challenges for Foreign Companies Establishing Branch Offices in Switzerland

Switzerland has long been regarded as one of the most attractive jurisdictions for foreign business-companies seeking to expand their international…

More details
Obtain a Trust License in Switzerland: Requirements and Process
May 29, 2025

Obtain a Trust License in Switzerland: Requirements and Process

Switzerland’s renown as a premier regional funding source is built upon its solid legislative organization, fiscal neutrality, and unwavering dedication…

More details
Asset Management License Benefits in Switzerland
May 28, 2025

Asset Management License Benefits in Switzerland

Switzerland’s stable economy, highly trained employees, and advantageous legislative setting have made it a long-standing fiscal haven. Experience the zenith…

More details