Bitcoin is not an eligible reserve owner, Swiss Central Bank president said: Report
The Swiss National Bank (SNB) President Martin Schlegel has reportedly not wanting to do a Bitcoin reserve asset in Switzerland – citing lack of stability, liquidity concerns and security risks.
Schlegel’s position is opposed to a proposal from Swiss Bitcoin nonprofit think tank 2b4ch and other Bitcoin advocates in Mandat in the Constitution that SNB To hold Bitcoin (Btc) to its balance.
Schlegel first said The Swiss local media outlet tamedia that Bitcoin and other cryptocurrencies are too PABAGU -new, which is not pleasant to maintain the SNB investment value.
“Second, our reserves need to be quite liquid so they can be used quickly for financial policy purposes if necessary,” Schlegel told Tamedia on March 1.
Source: Bitcoin initiative
Schlegel also pointed out that because Bitcoin and cryptocurrencies are powered by software, they are naturally susceptible to bugs and technical weaknesses:
“We all know that software can have bugs and other weak points.”
While Schlegel recognized the crypto market gains nearly $ 3 trillion value, he said the industry remains a “niche phenomenon” compared to the wider financial system.
The Swiss Central Bank president added that he did not see Bitcoin or Crypto potentially dethroning the Swiss Franc either:
“We’re not afraid of competition from cryptocurrencies.”
The 2B4CH proposal was set for the movement of the Swiss Federal Chancellery on December 31, where it will need to obtain 100,000 signatures to be placed in a public referendum.
They have until June 30, 2026, to get 100,000 signatures – around 16 months from now.
Switzerland boasts a population of 8.97 million, which means about 1.11% of locals should sign the petition.
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In spite of Schlegel’s criticism, Switzerland is one of Top countries for Bitcoin Adoption – especially in Lugano, where the annual “Plan ₿” conference is held.
A Bitcoin reserve is currently considered in the US, Czech Republic and Hong Kong, while El Salvador Continue to stack at least one Bitcoin in its treasury, launched in September 2021.
Poland It has recently ruled the possibility of making an asset of the Bitcoin reserve.
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