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Cryptocurrency News Articles
Despite Global Push for a Strategic Bitcoin Reserve, the Swiss National Bank Has Opted Out
Mar 20, 2025 at 10:02 pm
In a recent revelation, the central bank chief Martin Schlegel rejected the idea of Bitcoin reserve, citing market volatility and security threats.
The Swiss National Bank has no plans to invest in Bitcoin or other cryptocurrencies, despite a global push for a strategic reserve in the cryptocurrency.
Martin Schlegel, the central bank chief, rejected the idea of a Bitcoin reserve, citing market volatility, security threats, and regulatory uncertainty.
"We do not have plans to buy crypto assets," Schlegel told a group of reporters on Wednesday.
He explained that the national bank's foreign-exchange reserves are used to support monetary goals. However, cryptocurrencies do not meet the necessary criteria for this purpose.
The central bank chief went on to highlight issues with cryptocurrencies' liquidity and their "software-based" nature, which makes them susceptible to technological malfunctions and errors.
"For example, it's the preservation of value. And as you know, crypto currencies have large fluctuations in value, so this is not a given," Schlegel added.
Will Switzerland Adopt a Strategic Bitcoin Reserve?
In December 2024, the Swiss Federal Chancellery launched a proposal to create a Bitcoin reserve after a failed attempt in October 2021.
This follows US President Donald Trump's proposal for a strategic Bitcoin reserve in the US, which sparked the Swiss initiative. The goal is to collect 100,000 signatures to force a vote on the proposal.
Campgainers are collecting signatures for the initiative, which, if successful, would obligate the Swiss National Bank to reconsider its stance on cryptocurrencies.
This comes following Pakistan's renewed approach to cryptocurrencies. Pakistan Crypto Council CEO Bilal Bin Saqib revealed that the country it establishing a comprehensive legal framework for cryptocurrencies to foster growth and adoption.
Crypto Reserve To Become a Global Vision
Countries across the world are vying to embrace crypto reserves. Especially driven by Donald Trump's crypto policies and his Bitcoin reserve plans, countries like Russia, Brazil, and Poland are analyzing the potential of a Bitcoin reserve.
Recently, North Korea has flipped Bhutan and El Salvador in Bitcoin accumulation, becoming the fourth-largest BTC holder. This has sparked speculations of North Korea embracing a Bitcoin reserve.
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