SNB refuses to reserve Bitcoin and relies on digital central bank currency

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SNB: Ablehnung einer Bitcoin-Reserve und Fortschritte bei CBDC Die Schweizerische Nationalbank (SNB) hat erneut ihre Ablehnung einer Bitcoin-Reserve bekräftigt, wenngleich sie der Einführung einer digitalen Zentralbankwährung (CBDC) aufgeschlossener gegenübersteht. Martin Schlegel, Vorsitzender des Direktoriums der SNB, äußerte sich in einem Interview mit Bloomberg Television in Zürich deutlich zur Haltung der Bank in Bezug auf Kryptowährungen. SNB lehnt die Einrichtung einer Bitcoin-Reserve ab In dem Interview stellte Schlegel klar, dass die SNB keine Bitcoin-Reserven in der Schweizer Staatskasse einrichten möchte. Er schloss zudem aus, dass die Bank ihr Vermögen mit anderen Kryptowährungen diversifizieren sollte. Die Hauptgründe für diese Entscheidung liegen in …
SNB: Rejection of a Bitcoin reserve and progress at CBDC The Swiss National Bank (SNB) has again confirmed its rejection of a Bitcoin reserve, although it is more open to the introduction of a digital central bank currency (CBDC). Martin Schlegel, chairman of the SNB directorate, said in an interview with Bloomberg Television in Zurich, clearly commented on the bank's attitude towards cryptocurrencies. SNB rejects the establishment of a Bitcoin reserve In the interview, Schlegel made it clear that the SNB does not want to set up Bitcoin reserves in the Swiss state treasury. He also ruled out that the bank should diversify its assets with other cryptocurrencies. The main reasons for this decision are in ... (Symbolbild/KNAT)

SNB: Rejection of a Bitcoin reserve and progress in CBDC

The Swiss National Bank (SNB) has again confirmed its rejection of a Bitcoin reserve, although it is more open to the introduction of a digital central bank currency (CBDC). Martin Schlegel, chairman of the SNB directorate, said in an interview with Bloomberg Television in Zurich clearly to keep the bank in relation to cryptocurrencies.

SNB refuses to set up a Bitcoin reserve

In the interview, Schlegel made it clear that the SNB does not want to set up Bitcoin reserves in the Swiss state treasury. He also ruled out that the bank should diversify its assets with other cryptocurrencies. The main reasons for this decision lie in the incompatibility of Bitcoin and other digital currencies with the goals of SNB to monetary policy.

According to Schlegel, Bitcoin and other cryptocurrencies are not a suitable coverage for maintenance due to their volatility. In addition, he questioned the network integrity of cryptocurrencies and emphasized that they are "basically software", which makes it susceptible to bugs.

It is worth noting that SNB was under pressure to keep Bitcoin in its reserves, especially after the United States had already pursued a similar policy. Crypto supporters started a campaign last year to initiate an initiative to change Article 99, paragraph 3 of the Swiss constitution. This initiative stipulates that some of Switzerland's ging reserves should be kept in both gold and Bitcoin. Until June 2026, the supporters have time to collect at least a hundred thousand signatures to bring the initiative to the referendum.

CBDC pilot project continues

Despite the strict rejection of a bitcoin or cryptocurrency reserve, the SNB remains active in the development of CBDC. The central bank recently gave the green light to the introduction of a pilot program of its wholesale version at Six Digital Exchange.

In its current annual report, SNB emphasizes the possible use of a synthetic CBDC, which is defined as a private token currency and is supported by the treasure office. This initiative is based on the British payment infrastructure Fnality, which was introduced in 2023.

The SNB checks this synthetic CBDC option as a possible alternative to DLT processing (Distributed Ledger Technology) for your private token money. In addition to this option, a WCBDC (Wholesale CBDC) and hybrid systems are also considered that connect the SIC (Swiss Interbank Clearing) SIX payment system to blockchain technology.

The development and integration of CBDCs could significantly influence monetary policy and the financial system of Switzerland and show that the SNB remains active in the digital currency landscape despite its negative attitude towards Bitcoin.