Martin Schlegel, head of the Swiss National Bank (SNB), rejected the idea of diversifying the country’s reserves with Bitcoin, Reuters reported.
Schlegel says that major cryptocurrencies are unable to meet existing requirements for their reserves, referring to their high volatility.
As Reported by U.TodayA new initiative was announced in December to amend the Swiss Constitution to diversify bank assets with Bitcoin.
To be considered by the country’s parliament, the initiative must collect a total of 100,000 signatures by June 30th.
Although a similar initiative failed in 2021, Bitcoin supporters hope that the momentum created by the US pro-crypto U-turn can be carried over to Switzerland.
Switzerland is known as one of the world’s most encryption-friendly countries, but it may not be about amending the constitution to buy Bitcoin.
The total amount of SNB’s reserves is over $900 billion. Foreign exchange reserves, diversified across US dollars, Japanese yen and other currencies, make up a large portion of them. The bank’s gold reserves are $94 billion.
