Switzerland’s central bank, the Swiss National Bank, says buying and holding bitcoin as a reserve currency is not a problem for the bank. “We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet,” the chairman of the Swiss central bank reportedly explained.
Switzerland’s Central Bank on Buying and Holding Bitcoin as a Reserve Currency
The Swiss National Bank could buy and hold bitcoin as a reserve currency if the cryptocurrency meets the bank’s currency reserves requirements, Chairman Thomas Jordan reportedly said at the central bank’s annual general meeting Friday.
Reuters quotes the Swiss central banking chief saying:
We don’t have to worry about buying bitcoin. It is possible to do this either by purchasing investment products based on bitcoin or directly.
However, he noted: “But from the current perspective we do not believe bitcoin meets the requirements of currency reserves. That’s why we have until now decided not to have bitcoin on our balance sheet.”
He stressed however:
When we feel we need bitcoin, we can quickly arrange both the technical and operational conditions.
While a growing number of companies are now holding Bitcoin on their balance sheets, more countries are creating a framework for making BTC legal.
El Salvador made bitcoin legal tender in September 2013 alongside the U.S. Dollar. The Central African Republic recently declared the cryptocurrency an official currency.
Despite the Russia-Ukraine conflict, a growing number of Americans expect the U.S. to lose its dominant position. Robert Kiyosaki from Rich Dad Poor Dad has, among other things, repeatedly predicted the death of the U.S. currency. In March, Jim Rogers, a well-known investor, warned about the demise of the U.S. Dollar.
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