Published: 29.04.2022
Article reading time:
2 minutes.
The leadership of the Swiss National Bank (SNB) considers it inappropriate to invest in bitcoin and keep it as regulator reserves.
The head of the SNB, Thomas Jordan, said at the annual meeting of directors that buying bitcoin is not a problem for the central bank, he can do it either directly or by purchasing investment products linked to bitcoin. The head of the CR is quoted by Reuters.
If necessary, the regulator will be able to organize the technical conditions when it has confidence that bitcoin is really worth including in the balance sheet. However, based on the current situation, SNB management does not believe that bitcoin meets the requirements of foreign exchange reserves.
Earlier, environmental activists demanded that the SNB stop investing in companies exacerbating global warming due to carbon emissions. For example, Nora Scheel of the Campax group complained that the regulator was investing billions of dollars annually in the fossil fuel industry, contributing to the amount of carbon dioxide that all of Switzerland produces. Jordan said the SNB cut investment in energy and fossil fuel companies from 10% to 3-4%. The SNB’s investment in bitcoin and other proof-of-work cryptocurrencies would further outrage environmentalists.
Quantum Economics analyst Jason Deane is confident that bitcoin miners bring great benefits to the planet by using excess electricity or waste gas to mine cryptocurrencies.
Previously, Jordan called cryptocurrencies speculative instruments and expressed concern that stablecoins could disrupt Swiss monetary policy. At the same time, at the end of last year, the SNB, together with the Bank of France, tested digital euros and Swiss francs for making international payments.
Source: Bits
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