Editor's PiCK
"Swiss Central Bank Officially Rejects Proposal to Include Bitcoin (BTC) in Reserves"
Summary
- The Swiss Central Bank has officially rejected a proposal to include Bitcoin in its reserves.
- Chairman Schlegel cited cryptocurrency volatility and lack of liquidity as issues making them unsuitable.
- This was part of an initiative by Swiss cryptocurrency advocacy groups pushing for legal amendments.
The Swiss National Bank (SNB) has officially rejected a public initiative proposal to include Bitcoin (BTC) in its reserves.
On the 1st, cryptocurrency-focused media Coinpedia reported, "SNB Chairman Martin Schlegel has officially rejected the initiative's proposal that the central bank should stockpile Bitcoin as reserves."
Previously in January, a Swiss cryptocurrency advocacy group launched an initiative to push for a legal amendment requiring the SNB to compose part of its holdings in gold and Bitcoin. An initiative is a right that allows citizens to demand constitutional amendments and legislative changes. Switzerland regularly holds national referendums on legislative initiatives for federal law amendments.
Chairman Schlegel pointed out that "cryptocurrencies do not meet the basic requirements of an ideal currency." He added that cryptocurrencies have high volatility, do not provide sufficient liquidity, and being software-based, they contain bugs and vulnerabilities.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
