Switzerland’s CB Is Against Using BTC as a Reserve Currency

by in Cryptocurrency News

Swiss national bank bitcoin

Switzerland’s Central Bank Chair Thomas Jordan is against holding BTC as a reserve currency. He expressed his opinion at the bank's general meeting of shareholders on April 29.

Related: Goldman Sachs Issued Its First Bitcoin-Backed Loan

According to Jordan, buying BTC isn’t an issue. SNB can purchase the cryptocurrency directly or through various investment products. He added that arranging the technical and operative aspects can be arranged fast when the institution is sure they must add BTC to the balance sheet.

Jordan said that the CB doesn't find Bitcoin can effectively act as a reserve currency at present mainly because of its volatile nature. The Chairman also talked about global warming and climate change problems while activists were protesting outside. He said that the institution plans to end its investments in the firms that contribute global warming via CO2 emissions. Jordan said that it’s important for SNB that the economy can reduce carbon footprint.

The Bank has ruled out investments in coal mining firms, however oil and gas investments can’t be ceased immediately. SBN will address the issue step by step.

He mentioned that there is a problem in energy supply which causes price increase.

However, it’s worth noting that Bitcoin wasn’t mentioned as an environmentally concern. The mining process of the coin increases the use of renewable energy.