Swiss National Bank against investments in Bitcoin (BTC) as a reserve currency at the moment: report
The Swiss National Bank (SNB) is reportedly currently opposed to using Bitcoin (BTC) as a reserve currency, but it is willing 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 that the central bank currently has no plans to add 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 investment products based on Bitcoin. We can get the technical and operational conditions in place relatively quickly if we are convinced that we need Bitcoin on our balance sheet. But as of today, bitcoin does not meet foreign reserve requirements as of today, which is why we have so far chosen not to carry bitcoin on our balance sheet.”
The Federal Reserve Bank of St. Louis announces that the SNB currently holds over $1.076 trillion worth of foreign currency positions.
Crypto insights firm Coincub recently ranked Switzerland as the fifth most crypto-friendly country on earth, after Australia, the United States, Singapore and Germany.
Bitcoin is trading at $38,770.36 at the time of writing, down more than 2.5% over the past 24 hours. The top-rated crypto asset by market cap is also down nearly 18% over the past month.
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