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The Swiss National Bank could start buying Bitcoin (BTC-USD) in the future, although the cryptocurrency does not meet foreign reserve standards, Chairman Thomas Jordan said Friday at the central bank’s annual general meeting meeting.
“Buying bitcoin is not a problem for us, we can either do it directly or buy investment products based on bitcoin,” Jordan explained. “We can get the technical and operational conditions in place relatively quickly if we are convinced that we need to have Bitcoin on our balance sheet.”
The central bank’s foreign exchange reserves, which include gold, totaled more than CHF 1 trillion (US$1.03 trillion) as of December 31, 2021. The US dollar made up 39% of the SNB’s reserves and the euro 37%.
Looking at intraday price action, bitcoin (BTC USD -3.6%) falls by $38.5k in Friday afternoon trading.
Earlier this week (April 27), Central African Republic became the second nation in the world to adopt bitcoin as legal tender.
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