Swiss National Bank chief dismisses Bitcoin reserve calls
The Swiss National Bank Chairman Martin Schlegel rejected proposals to add Bitcoin to the bank's reserves, citing instability, liquidity concerns, and security risks. This dismissal follows pressure from the local crypto industry, with advocates arguing that Bitcoin could serve as a hedge against weakening currencies like the dollar and euro. A proposal initiated by the Swiss Federal Chancellery aims to constitutionally mandate the Swiss National Bank to hold Bitcoin, requiring 100,000 signatures for a referendum. The initiative seeks to amend Article 99 of the constitution to include Bitcoin alongside gold in reserve assets. Proponents argue that Bitcoin could reduce political influence over currency holdings and suggest allocating a small percentage of reserves to it. Switzerland remains a significant hub for blockchain technology, with ongoing developments in the crypto sector, including new payment systems and the emergence of multiple crypto unicorns.
