Swiss Central Bank Still Not Holding Bitcoin, Even Though It Could

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Swiss Central Bank Still Not Holding Bitcoin, Even Though It Could
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SNB President Thomas Jordan said that while it could easily do so, the SNB will continue to not hold bitcoin on its balance sheet.

“Buying bitcoin is not a problem for us, we can buy it directly, or we can buy bitcoin-based investment products,” Jordan said at the Swiss National Bank’s annual shareholder meeting. “When we are convinced that we must have bitcoin on our balance sheet, we can arrange technical and operational conditions relatively quickly.”

However, Jordan made it clear that the central bank believes that Bitcoin has not yet met the standards required for a reserve currency. For this reason, Jordan explained that central banks still won’t include cryptocurrencies on their balance sheets.

Switzerland freezes crypto assets

Meanwhile, Switzerland said in March that it would freeze all crypto assets owned by sanctioned Russians as part of Western sanctions against Russia over its invasion of Ukraine.

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In recent years, Switzerland has become one of the world’s largest centers of blockchain-based financial assets, in addition to traditional financial assets. A senior official at the country’s finance ministry said the move was necessary to “protect the integrity of its developing cryptocurrency industry.”

However, based on the decentralized nature of digital assets, the official acknowledged that their efforts may be more limited than they hoped. “If someone is in possession of their encryption key, it’s almost impossible to identify them no matter where they are,” the official said. “But if they use crypto services — money, exchanges, etc — we can target those service points.”

Switzerland launches first joint ETP

Last month, the first exchange-traded product (ETP) to combine gold and bitcoin debuted on six Swiss exchanges.

While gold ETPs and spot Bitcoin ETPs are already offered independently across the continent, ByteTree Asset Management’s 21Shares ByteTree Bold Index ETP is the first ETP to bring together “the best of the old and new financial worlds,” CEO Charlie Morris express. Byte Tree Asset Management Investment Officer.

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