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Swiss National Bank Owns No Bitcoin, but Could Buy in the Future, Chairman Says
While bitcoin today doesn't meet norms for currency reserves, said Thomas Jordan, there's no technical bar to purchases.
The Swiss National Bank (SNB) isn't currently interested in holding bitcoin (BTC), but could move quickly to do so at some point, said Chairman Thomas Jordan.
"Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin," Jordan said in response to a question at the SNB's annual meeting. "We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet."
STORY CONTINUES BELOW
However, he added, "We do not believe bitcoin meets the requirements of currency reserves."
According to an annual report published in March, the SNB's reserves as of Dec. 31, 2021, came to just over CHF1 trillion (US$1.03 trillion). The U.S. dollar accounts for 39% of reserves, the euro 37%, Japan's yen 8% and the U.K.'s pound 6%. Gold holdings were just shy of CHF56 billion, or less than 6% of reserves.
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
