While the USA has set an example to the whole world with its strategic Bitcoin (BTC) reserve move, some countries continue to take a tough stance on BTC and cryptocurrencies.
One of these was Switzerland. The Swiss National Bank closed the door to Bitcoin and cryptocurrency purchases.
Speaking to Bloomberg, the head of the Swiss National Bank (SNB), Martin Schlegel, said the bank has no plans to buy Bitcoin or other cryptocurrencies.
Citing high volatility, instability and regulatory concerns, Schlegel stressed that the SNB's foreign exchange reserves should only support monetary policy.
Schlegel said the SNB's foreign exchange reserves serve only the purpose of facilitating monetary policy:
“We have no plans to buy Bitcoin or any other cryptocurrency. Cryptocurrencies do not meet the criteria of being useful for the monetary policies of countries and preserving value.
And as you know, there are big fluctuations in the prices of cryptocurrencies, which does not give certainty about its value.
Additionally, cryptocurrencies are fundamentally software and therefore prone to errors.”
The SNB is facing an initiative that would force it to accept Bitcoin and cryptocurrencies into its reserves, even though it has not agreed to do so. Switzerland would also be required to regulate the purchase of BTC and cryptocurrencies if crypto advocates manage to collect 100,000 signatures by June 2026.
*This is not investment advice.
