Swiss National Bank Chairman: Bitcoin Does Not Meet Currency Reserves Requirements

Thomas Jordan, Chairman of the Swiss National Bank (SNB), revealed that the bank decided not to include the largest cryptocurrency in its balance sheet. The bank is also considering digital currencies.

Bitcoin is not yet

The Chairman of the central bank stated at Friday’s annual general assembly that SNB doesn’t believe Bitcoin meets current requirements for currency reserves. Jordan said that adding Bitcoin to the central bank’s balance sheet is not an issue for SNB. However, they will only do this when they are completely convinced.

According to Reuters, Jordan said that

“Buying bitcoin is easy for us. We can either do it directly or we can invest in products that are based on bitcoin. When we feel we need bitcoin in our portfolio, we can quickly arrange the technical or operative conditions.

It is important that you note that Switzerland has been able to establish itself as one the most crypto-friendly nations and has the highest number of profitable Bitcoin traders worldwide.

Invezz compiled data from Chainalysis and found that central Europe has the highest returns per investor, at $1,268. Its southern city Lugano had previously announced plans to include Bitcoin, Tether and LGV as a part its legal payment along with the Swiss Franc under “Plan BTC”, which will allow its 62,000 citizens pay public service fees or taxes using these currencies.

Dabbling in Central Bank Digital Currency

Since at least 2019, the Swiss have also been looking into CBDCs. The SNB initially dismissed reports that it was planning a digital currency. However, they informed that the launch a wholesale central bank digital currency is planned for January next year through the newly licensed Six Digital Exchange (SDX).

Although the launch is still a policy decision by the central bank, five commercial banks, Citigroup Inc., UBS Group AG. Goldman Sachs Group Inc., Credit Suisse Group AG and Hypothekarbank Lenzburg AG, conducted a trial to see if they could process CBDCs in the nation’s financial system. This was part of “Project Helvetica,” an experiment.

Featured image courtesy of Central Banking

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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