The Swiss President of the National Bank (SNB) Martin Schlegel apparently does not want Bitcoin to become a reserve asset in Switzerland – citing a lack of stability, fears related to liquidity and security threats.
Schlegel’s position is opposed to the Swiss Non -Profit Think Tank 2B4CH and other Bitcoin supporters to the constitutional order of SNB to store Bitcoin (BTC) in the balance sheet.
Schlegel first he said Tamedia’s Swiss local media that Bitcoin and other cryptocurrencies are too unstable, which is not conducive to maintaining the value of SNB investments.
“Secondly, our reserves must be highly liquid, so that they can be quickly used for monetary policy purposes if necessary,” said Schlegel Tamedia on March 1.
Source: Bitcoin initiative
Schlegel also noted that because bitcoins and cryptocurrencies are run by software, they are inherently susceptible to errors and technical gaps:
“We all know that the software may have errors and other weak points.”
While Schlegel confirmed that the cryptographic market secured almost $ 3 trillion, he said that the industry remains a “niche phenomenon” compared to a wider financial system.
The Swiss President of the Central Bank added that he does not see Bitcoin or Crypto potentially dethroning Swiss France:
“We are not afraid of competition from cryptocurrencies.”
The 2B4CH proposal was introduced to traffic by the Swiss Federal Chancellery on December 31, where it will have to obtain 100,000 signatures that will be placed in a public referendum.
They have until June 30, 2026 to obtain 100,000 signatures – for about 16 months.
Switzerland has a population of 8.97 million, which means that about 1.11% of residents must sign a petition.
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Despite the criticism of Schlegel, Switzerland is one of the leading countries of Bitcoin adoption – especially in the city of Lugano, where the annual conference “Plan ₿” takes place.
The Bitcoin reserve is currently being considered in the USA, the Czech Republic and Hong Kong, while Salvador still arranges at least one Bitcoin to its treasury, which was started in September 2021.
Poland He recently ruled out the possibility of making Bitcoin a reserve asset.
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