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Apr 30, 2022
by Usha Yadav
Chairman of the Governing Board of the Swiss National Bank (SNB) talked about Bitcoin
The Swiss National Bank's (SNB) Chairman of the Governing Board, Thomas Jordan, spoke on Bitcoin during the central bank's 114th Ordinary General Meeting of Shareholders on Friday in Berne (April 29). The Swiss National Bank (SNB) is not currently interested in holding bitcoin (BTC), although Chairman Thomas Jordan believes this could change swiftly.
The SNB was founded in 1907 and has "two head offices, one in Berne and one in Zurich, as well as a branch office in Singapore."
At meeting General Meeting of Shareholders Jordan says,
“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin. We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet.
“But from the current perspective we do not believe bitcoin meets the requirements of currency reserves, that’s why we have until now decided not to have bitcoin on our balance sheet.“
The SNB's reserves as of December 31, 2021, were just over CHF1 trillion (US$1.03 trillion), according to an annual report released in March. The US dollar accounted for 39% of reserves, the euro for 37%, the Japanese yen for 8%, and the British pound for 6%. Gold reserves were just shy of CHF56 billion, or around 6% of total reserves.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.