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

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Fri, 29/04/2022 - 11:36
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.

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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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