Swiss Central Bank Does Not See Any Problem With Buying Bitcoin

Although the time is not yet right there, Switzerland’s central bank, the Swiss National Bank does not see any problem with buying and holding Bitcoin as a reserve currency.

At the central bank’s annual meeting on Friday, Chairman Thomas Jordan said to be open for the possibility, if the cryptocurrency meets the bank’s currency reserves requirements.

As reported by Reuters, Jordan was quoted saying:

“Buying bitcoin is not a problem for us. We can do that either directly or can buy investment products which are based on bitcoin.”

Nevertheless, he added:

“But from the current perspective we do not believe bitcoin meets the requirements of currency reserves. That’s why we have until now decided not to have bitcoin on our balance sheet.”

The Chairman explained:

“We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet.”

Bitcoin is increasingly becoming a popular option for businesses to add on their balance sheets while countries across the globe are researching ways to benefit as well.

Recently, the Central African Republic adopted Bitcoin as legal tender as the world’s second nation to do so after El Salvador in September of last year, placed the flagship cryptocurrency alongside the U.S. dollar.

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Author: Peter Siu