The Governor of the Swiss National Bank, Martin Schlegel, has reiterated the institution’s stance against integrating Bitcoin or any other digital currencies into its foreign exchange reserves.
In comments made to Bloomberg, Schlegel voiced his worries about the extreme volatility and instability of Bitcoin (BTC), along with the regulatory hurdles that cryptocurrencies present. These concerns were cited as primary reasons for his position.
He emphasized that the Swiss National Bank’s reserves are intended to support monetary policy and that digital assets do not correspond to this objective.
This viewpoint aligns with Schlegel’s previous statements. During a November 2024 event, he expressed caution regarding cryptocurrencies like Bitcoin and Ethereum (ETH), describing them as niche entities unsuitable for transactions due to their significant price fluctuations.
Furthermore, he pointed out the substantial energy consumption associated with cryptocurrency operations and their links to illegal activities, which complicate regulation efforts.
Switzerland and blockchain innovation
Even though the Swiss National Bank remains hesitant to embrace digital assets, Switzerland has established itself as a leading center for blockchain innovation.
Recently, BX Digital, a Swiss branch of the Stuttgart Stock Exchange, gained approval from the Swiss Financial Market Supervisory Authority to launch a blockchain-powered trading system.
This new platform allows for the direct settlement and transfer of assets using Ethereum blockchain technology, thereby removing intermediaries and shortening transaction times as well as costs.
In addition, Nexo recently expanded its Nexo Card offerings to Switzerland and Andorra on February 11 as part of its Growth Plan for 2025.
The card, which incorporates both debit and credit features, has achieved a 62% adoption rate among eligible users within the European Economic Area.