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Bitcoin Doesn't Meet Requirements of Reserve Currency: Swiss National Bank Chairman

Fri, 04/29/2022 - 11:36
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Yuri Molchan
Chairman of the Swiss Central Bank stated that Bitcoin can hardly be a reserve currency
Bitcoin Doesn't Meet Requirements of Reserve Currency: Swiss National Bank Chairman
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Thomas Jordan, the chair of Swiss National Bank (SNB), stated that the institution will not be purchasing Bitcoin to hold as a reserve currency at the annual meeting of the bank today.

He pointed out that to buy BTC is not a problem, and the central bank of Switzerland can either make a direct BTC purchase or invest in a BTC-based product pretty quickly. But that can only take place if the bank is firmly convinced that Bitcoin is a must have on their balance sheet, the chairman pointed out.

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However, at the moment, Jordan said, the bank does not believe that the leading global crypto meets the requirements to become a reserve currency, so the decision has been made not to acquire BTC.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.