• Swiss National Bank Vice President Martin Schlegel has expressed interest in Bitcoin by calling it a “very interesting concept” in a TV interview.
• SNB Chief Thomas Jordan voiced his opinion on the possible addition of Bitcoin to the central bank’s foreign reserves during the SNB’s April 2022 General Meeting.
• Despite this, the SNB has decided not to keep BTC on its balance sheet, but can change its assessment quickly if needed.
The Swiss National Bank Calls Bitcoin an „Interesting Concept“
The Vice President of the Swiss National Bank (SNB) Martin Schlegel has caused a stir in the Bitcoin community with a new remark in a TV interview. When asked to complete the sentences of the Swiss presenter who said, „I consider Bitcoin…,“ Schlegel added: „a very interesting concept.“ This implies that the SNB is curious about cryptocurrency technology and potential use cases, although it does not support or oppose BTC at this time. This statement differs from those made by other central banks like ECB President Christine Lagarde who have referred to Bitcoin as worthless and speculative.
Bitcoin Suisse Requests Investment Framework
Prior to this, two open letters were sent from financial services company Bitcoin Suisse requesting an investment framework for acquiring and holding BTC for monetary and exchange rate purposes if needed. At SNB’s April 2022 General Meeting, Thomas Jordan responded to this request explaining why BTC does not currently meet requirements for foreign reserves and thus cannot be kept on their balance sheet. However, Jordan noted that should that assessment change, the necessary technical and operational conditions could be arranged quickly.
Assessing The Risks Of Cryptocurrency
The Swiss National Bank is assessing both risks and potential benefits associated with cryptocurrency investments before deciding whether or not to invest in them. This follows other major financial institutions such as Goldman Sachs which have also begun investing in crypto-assets as part of their portfolios after taking into account risk management measures first.
Crypto Regulations In Switzerland
Switzerland is known as one of Europe’s most progressive countries when it comes to embracing cryptocurrency innovations due to its favorable regulations towards digital assets businesses. As such, many companies are seeking entry into Switzerland’s crypto space due to its favorable regulations compared with other jurisdictions around Europe where crypto-asset activities remain largely unregulated or subject to complex licensing rules which stifle innovation.
Conclusion
This statement from VP Schlegel indicates that even though The Swiss National Bank is still assessing all factors related to cryptocurrencies before committing investment funds into them, they are open minded towards exploring opportunities presented by blockchain technology and digital assets businesses seeking entry within their jurisdiction .