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Switzerland’s central bank wants nothing to do with Bitcoin, no matter what happens in the United States. Even as Donald Trump, now back in the White House, pushes for a strategic Bitcoin reserve, the Swiss National Bank (SNB) has made it clear: crypto is not part of its plan. “We do not have plans to buy crypto assets,” said Martin Schlegel, the bank’s vice chairman, in an interview in Zurich. He pointed to Bitcoin’s price swings, lack of legal protections, and overall instability as reasons why the SNB won’t be adding it to its balance sheet. SNB says crypto doesn’t meet its reserve standards Switzerland has some of the most crypto-friendly regulations in the world, but the central bank sees things differently. Schlegel said that the SNB’s foreign exchange reserves serve one purpose: monetary policy. And Bitcoin doesn’t fit. “For example, it’s the preservation of value,” he said. “And as you know, cryptocurrencies have large fluctuations in value, so this is not a given.” Liquidity is another issue. Schlegel said that Bitcoin and other crypto assets have “question marks” around them. Unlike traditional currencies, he explained, Bitcoin is software-based, meaning it’s vulnerable to bugs and other technical risks. Not everyone in Switzerland agrees with the SNB’s stance. A popular initiative is now underway to force the bank to hold Bitcoin in its reserves. The proposal needs 100,000 signatures by June 2026 to trigger a public vote. If it reaches that threshold, the Swiss public—not the central bank—will have the final say on whether Bitcoin becomes part of the nation’s official reserves. But even as Switzerland experiments with a wholesale central bank digital currency (CBDC), Schlegel’s position on Bitcoin hasn’t changed. He dismissed it as a “niche phenomenon” last November, and his response now suggests the SNB’s policy is set in…

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Filed under: News - @ March 20, 2025 4:28 pm