Swiss National Bank reaffirms crypto sceptic stance despite campaign over reserves

THOMAS Jordan, chairman of the Swiss National Bank, has revealed he remains sceptical about cryptocurrency.

Despite numerous campaigns from investors calling for a change of law to allow Swiss authorities to add Bitcoin and other cryptocurrencies to its reserves, the banking chief said carbon emissions and the energy consumption of Bitcoin mining were too off-putting.

"We have not yet decided that we want to invest in Bitcoin. Actually for good reasons," he said at the SNB's annual general meeting.

"Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them."

Campaigners have appealed to the Swiss National Bank, urging for a referendum to hold crypto in reserves.

A campaign group wants the SNB to hold part of its currency reserves in Bitcoin, and to put the issue to a referendum.

Addressing the AGM, Bitcoin Suisse chairman Luzius Meisser (pictured right) - one of the campaigners - pointedly reminded members that the bank had, in the past, made enormous losses on government bond investments when it could have made massive profits in Bitcoin.

"I firmly believe that it would strengthen the Swiss franc and the independence of the Swiss National Bank if we spent less on loss-making government bonds and started holding bitcoin," he said.

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