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

Financial self-regualtion in Switzerland
January 3, 2023

Financial self-regualtion in Switzerland

Swiss – is a highly popular jurisdiction among EU Fintech companies. Thanks to good biz conditions, namely: low taxes, availability…

More details
Swiss regulations of reporting for companies is expanded
December 29, 2022

Swiss regulations of reporting for companies is expanded

The Swiss system of stock exchange supervision is based on the principle of self-regulation. The Stock Exchange Act is a…

More details
Swiss regulations updated
December 29, 2022

Swiss regulations updated

FINMA has a serious leverage on market participants, since its activities include the audit of Swiss banks and the imposition…

More details
Company restructuring in Switzerland
December 29, 2022

Company restructuring in Switzerland

Switzerland attracts investors and businessmen as a leading financial center. Some of the best conditions for protecting assets and increasing…

More details
Formation of the companies in Switzerland
December 28, 2022

Formation of the companies in Switzerland

Country that we will consider today is a separate enclave within the European Union with its own business rules, legislation…

More details