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Cryptocurrency News Articles
SNB Governor Martin Schlegel Reaffirms Institution's Stance Against Bitcoin
Mar 20, 2025 at 09:14 pm
Swiss National Bank Governor Martin Schlegel reaffirmed the central bank's position against incorporating Bitcoin or other digital assets into its foreign exchange reserves.
The Swiss National Bank (SNB) has no plans to invest in Bitcoin or other digital assets for its foreign exchange reserves, Governor Martin Schlegel has confirmed.
In an interview with Bloomberg, Schlegel highlighted Bitcoin’s high volatility, instability, and the regulatory challenges posed by cryptocurrencies as the main reasons for his stance.
He explained that the SNB’s foreign reserves are an integral part of its strategy to support monetary policy. However, digital assets do not align with this goal, Schlegel added.
His comments further add to earlier remarks made in November 2024, where he expressed caution towards cryptocurrencies like Bitcoin and Ether (BTC, ETH).
Speaking at an event, Schlegel described them as "niche phenomena" that are not suited for payment purposes due to their significant value fluctuations.
The SNB governor also voiced concerns over the high energy consumption required for cryptocurrency operations and their association with illegal activities, rendering them difficult to regulate effectively.
Despite the SNB's stance, Switzerland continues to be a hub for blockchain innovation.
Recently, the Swiss subsidiary of the Stuttgart Stock Exchange, BX Digital, received approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate a blockchain-based trading system.
This platform will enable the direct settlement and transfer of assets using Ethereum (ETH) blockchain technology, eliminating the need for intermediaries and reducing transaction times and costs.
Earlier this year, Nexo also expanded its Nexo Card to Switzerland and Andorra as part of its 2025 Growth Plan.
The card, which combines debit and credit functions, reached a 62% adoption rate among eligible users in the European Economic Area (EEA) after its launch in 2024.
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