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.
The Swiss 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 foreign exchange reserve requirements, President Thomas Jordan reportedly said at the central bank’s annual general meeting on Friday.
The Swiss central bank chief was quoted by Reuters as saying:
Buying bitcoins is not a problem for us. We can do this directly or buy bitcoin-based investment products.
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.”
Nonetheless, he pointed out:
We can settle the technical and operational conditions relatively quickly, when we are convinced that we must have bitcoin in our balance sheet.
A growing number of corporations are holding bitcoin on their balance sheets while more countries are establishing a framework to make BTC a legal currency.
El Salvador adopted bitcoin as legal tender alongside the US dollar in September last year, and recently the Central African Republic made crypto an official currency.
Meanwhile, an increasing number of people are expecting the U.S. dollar to lose its dominance, fuelled by the Russia-Ukraine war. Rich Dad Poor Dad author Robert Kiyosaki, for example, has repeatedly warned about the end of the U.S. dollar. Renowned investor Jim Rogers also warned in March about the end of the U.S. dollar.
