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Swiss National Bank Considers Bitcoin for Its Reserves

Swiss National Bank Considers Bitcoin for Its Reserves

Discover the latest developments as the Swiss National Bank considers adding Bitcoin to its reserves.
2 minutes
23.04.2024
Editor Satoshi`s Secrets
Swiss National Bank Considers Bitcoin for Its Reserves

In Brief

An advocacy group in Switzerland is pushing the Swiss National Bank to include Bitcoin in its reserves, arguing it would enhance the nation’s economic independence and reinforce its policy of neutrality. The proposal, led by Yves Bennaïm of the Bitcoin Association Switzerland, will be presented to the bank’s committee on April 26.

In a significant development for digital currency integration, the Swiss National Bank (SNB) is being lobbied by a local advocacy group to incorporate Bitcoin into its national reserves. This initiative is driven by the need to reinforce Switzerland’s economic independence from the European Central Bank (ECB).

The proposal is led by Yves Bennaïm, a board member of the Bitcoin Association Switzerland, and is scheduled for presentation to an SNB committee on April 26. It revives an earlier push for Bitcoin’s inclusion, which was reported by the Swiss newspaper Neue Zürcher Zeitung.

Proponents argue that adding Bitcoin to the reserves would not only strengthen Switzerland’s financial autonomy but also bolster its policy of neutrality. Luzius Meisser, president of asset manager Bitcoin Suisse and a key supporter, emphasized the strategic benefit of this inclusion.

Previously in 2022, it was suggested that the SNB should allocate 1 billion Swiss francs per month to purchase Bitcoin instead of German government bonds. The current proposal aims to spark a broader debate on how Bitcoin could enhance the national economic strategy.

The potential decision by the SNB to integrate Bitcoin into its reserves could set a global precedent, influencing other national banks to explore similar cryptocurrency integrations in their financial frameworks.

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