The Swiss National Bank (SNB) has made it clear that cryptocurrencies will not be included in its reserves. SNB Vice President Martin Schlegel outlined the reasons why digital assets are unsuitable for the central bank at a press conference in Zurich.
Position of the Swiss National Bank
In his statement, Martin Schlegel emphasized that the SNB does not plan to add bitcoin or other cryptocurrencies to its reserves, despite growing global interest in digital assets. He noted that rapidly changing prices, insufficient security, and a weak legal framework make cryptocurrencies unattractive for the central bank.
Technical Aspects and Reliability
Schlegel expressed concerns about the volatility of cryptocurrency prices and highlighted that they cannot confidently support SNB's monetary policy objectives. The central banker also raised technical issues, such as software bugs and vulnerabilities, which significantly reduce the reliability of cryptocurrencies.
U.S. Approach to Cryptocurrencies
While the SNB rejects cryptocurrencies, the United States is moving in a different direction. President Donald Trump signed an executive order creating a U.S. Strategic Bitcoin Reserve and other digital asset facilities, indicating the government's growing interest in integrating blockchain technologies.
Despite growing global interest in digital assets, the Swiss National Bank remains skeptical about integrating them into its reserves. In contrast to the U.S., which is developing a strategic approach to cryptocurrencies, the SNB is focused on ensuring stability and reliability with its traditional assets.
