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.

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