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The Swiss National Bank (SNB) expresses skepticism regarding the inclusion of cryptocurrencies in national reserves. Bank President Martin Schlegel highlights the high volatility of cryptocurrencies, deeming them unsuitable for long-term investments. Nevertheless, some officials argue that the role of cryptocurrencies in the financial system must not be overlooked, leading to discussions about the possibility of a referendum on the matter.
SNB President: “Cryptocurrencies Are Not Safe Enough”
Martin Schlegel states that the volatile nature of cryptocurrencies makes them inappropriate for national reserves. He emphasizes that the central bank prioritizes liquidity, requiring the ability to quickly convert assets into cash. Schlegel notes that the cryptocurrency market lacks sufficient depth and stability, posing significant risks due to price fluctuations.
Additionally, Schlegel raises concerns about potential security vulnerabilities in the software infrastructure of cryptocurrencies. He insists that the bank’s reserve assets must meet the highest security standards. For these reasons, he asserts that the SNB will not incorporate cryptocurrencies into its reserve strategy.
Debate on Referendum and Opposing Views
Cantonal Council Member Reto Keller disagrees with Schlegel’s assessment, arguing that the market value of cryptocurrencies has consistently increased and that they are reliable. He points out that the robust blockchain infrastructure offers a strong alternative for the financial system.
Meanwhile, some Swiss politicians believe that the SNB’s decision regarding cryptocurrencies should be presented to the public for a vote. Under the country’s direct democracy system, a referendum could be initiated if 100,000 signatures are collected. This process is seen as a critical turning point for cryptocurrency markets.
Financial giant Franklin Templeton anticipates that some countries may begin adding cryptocurrencies to their reserve assets by 2025. The growth of digital finance on a global scale is noted as a key factor that could accelerate this process.
