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Thursday, June 1, 2023

Swiss National Bank: Buying Bitcoin Is Not a Problem for Us

Swiss National Bank: Buying Bitcoin Is Not a Problem for Us – The Swiss National Bank, Switzerland’s central bank, claims that purchasing and storing bitcoin as a reserve currency is not a concern for the bank.

“When we are certain that we must have bitcoin in our balance sheet,” the Swiss central bank chief reportedly remarked, “we can arrange the technological and operational prerequisites very rapidly.”

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Chairman Thomas Jordan allegedly suggested at the Swiss National Bank’s annual general meeting on Friday that the central bank might buy and retain bitcoin as a reserve currency if the cryptocurrency fits the bank’s currency reserves rules.

Also Read: India’s Decision on Crypto Regulation Will Not Be Rushed – Says Finance Minister

According to Reuters, the Swiss central bank chief said:

“Purchasing bitcoin is not an issue for us. We can do so either directly or by purchasing bitcoin-based financial products.”

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“However, from a current standpoint, we do not feel bitcoin fits the requirements of currency reserves,” he said. That is why, for the time being, we have opted not to include bitcoin in our financial statements.”

Nevertheless, he emphasized:

“When we’re satisfied we need bitcoin on our balance sheet, we can quickly set up the technological and operational prerequisites.”

A rising number of businesses now have bitcoin on their balance sheets, and more countries are putting in place frameworks to make BTC a legal tender.

In September of last year, El Salvador made bitcoin legal cash alongside the US dollar, while the Central African Republic recently designated it an official currency.

Also Read: Nepal Shuts Down Crypto Websites And Apps – Warns About Engaging in Crypto Activities

Meanwhile, as a result of the Russia-Ukraine conflict, a rising number of people believe the US currency will lose its dominance. For example, Robert Kiyosaki, author of Rich Dad, Poor Dad, has repeatedly predicted the demise of the US currency. Jim Rogers, a well-known investor, predicted the demise of the US currency in March.

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