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

The Swiss National Bank (SNB) is currently said to be against using Bitcoin (BTC) as a reserve currency, but it is ready to buy the crypto asset if that changes, according to its top official.

Speaking at a general meeting of shareholders, SNB Chairman Thomas Jordan said the central bank was not currently considering adding Bitcoin to its balance sheet, according to a Reuters report.

“Buying bitcoin is not a problem for us, we can either do it directly or buy bitcoin-based investment products. We can settle the technical and operational conditions relatively quickly, when we are convinced that we have to have bitcoin on our balance sheet. But from the current point of view, we don’t believe that bitcoin meets the requirements for foreign exchange reserves, which is why we have so far decided not to have bitcoin on our balance sheet.

The Federal Reserve Bank of St. Louis reveals that the SNB currently holds more than $1.076 billion in foreign currency positions.

Cryptocurrency intelligence firm Coincub recently ranked Switzerland as the fifth most crypto-friendly country in the world, after Australia, the United States, Singapore, and Germany.

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

Check Price Action

Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix


Check the latest news headlines

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/ConceptCafe/Chuenmanuse

Previous German Parliament Plans To Offer Tax-Free Crypto Lending And Staking
Next "We are afraid to approach the wrong money"