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.

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