The Swiss National Bank (SNB) is against buying and holding Bitcoin as a reserve currency, Thomas Jordan said at the annual general meeting of the central bank.
By the way, Thomas J. Jordan is a Swiss economist and banking supervisor. He is the chairman of the governing board of the Swiss National Bank. Also, chairman of the Group of Central Banks for the Deterrence of Counterfeits, member of the board of directors of the Bank for International Settlements. And, member of the steering committee of the Financial Stability Board.
In fact, Thomas Jordan, indicated that the Swiss National Bank has no intentions of keeping reserves in Bitcoin. Precisely, because the digital currency does not conform to the provisions managed by the body to be considered a reserve currency.
As complementary data, according to an annual report published in March, the SNB’s reserves as of December 31, 2021 amount to just over 1 trillion Swiss francs (1.03 trillion US dollars). 39% of the bank’s reserves are in US dollars, 37% in euros, 8% in yen and 6% in British pounds.
Swiss National Bank doesn’t own Bitcoin, but may buy it in the future, president says
Specifically, according to a Reuters report, SNB Chairman Thomas Jordan has said that the central bank does not consider Bitcoin to be a good choice as a reserve currency
In this regard, Thomas Jordan stated that the institution is currently not interested in holding Bitcoin. However, he could make such a move at some point.
«Buying Bitcoin is not a problem for us, we can do it directly or we can buy investment products based on Bitcoin. We can fix the technical and operational conditions relatively quickly, when we are convinced that we should have Bitcoin on our balance sheet».
As a curious fact, despite this statement, Thomas Jordan, also used the phrase: “From the current perspective, we do not believe that Bitcoin meets the requirements for foreign exchange reserves».
To conclude, despite Thomas Jordan’s statements, Switzerland remains one of the friendliest crypto destinations and ranks fifth in the latest Coincub assessment.
I close with this sentence from Changpeng Zhao: “We call ourselves an advanced species. And most of us don’t understand money. Educate».