Bitcoin As A Reserve Currency?

The Swiss National Bank is against buying and holding bitcoin as a reserve currency, said Chairman Thomas Jordan.

Chairman Thomas Jordan said at the Swiss National Bank’s annual general meeting on Friday that the central bank is against buying and storing bitcoin as a reserve currency.

“Buying bitcoin is not an issue for us; we can do it directly or buy bitcoin-based investment products,” Jordan explained. “When we are satisfied that bitcoin must be included in our balance sheet, we can swiftly set up the technological and operational prerequisites.”

“However, we do not feel bitcoin fits the standards of currency reserves at this time, which is why we have opted not to hold bitcoin on our balance sheet,” he said.

Anti-climate demonstrators demonstrated outside the Bern conference, asking that the SNB stop investing in firms that they claim are contributing to global warming through carbon emissions.

“Every year, the Swiss National Bank spends billions in the fossil fuel business,” said Campax’s Nora Scheel. “As a result, it emits nearly as much CO2 as the entire country of Switzerland.”

Chairman Jordan stated that the SNB, which has 937 billion in foreign currency investments, has cut its participation in energy and fossil fuel businesses from 10% to roughly 3% to 4% of its holdings.

“It makes no sense for us to sell all of our shares since someone else will buy them. The crucial point is that the economy can change…to create less CO2 emissions “Jordan addressed the AGM.

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