Swiss National Bank remains cautious about Bitcoin and digital assets in reserves despite blockchain innovation in Switzerland - IcoHolder.

Swiss National Bank (SNB) Governor Martin Schlegel has reiterated the institution’s stance against incorporating Bitcoin or other digital assets into the country’s foreign exchange reserves. Speaking to Bloomberg, Schlegel expressed concerns about the volatility, instability, and regulatory challenges that cryptocurrencies pose.

He explained that the primary role of the SNB’s reserves is to support monetary policy, a goal that digital assets like Bitcoin do not align with. Schlegel’s remarks echoed his earlier statements from November 2024, where he dismissed Bitcoin and Ethereum as unsuitable for mainstream payment purposes due to their significant value fluctuations.

Further complicating the situation, Schlegel raised issues regarding the high energy consumption required for cryptocurrency mining and the challenges cryptocurrencies present in terms of regulation, particularly their association with illegal activities.

While the SNB maintains its cautious approach to digital assets, Switzerland continues to lead in blockchain innovation. Recent developments include the approval of a blockchain-based trading platform by BX Digital, a Swiss subsidiary of the Stuttgart Stock Exchange. This platform, which utilizes Ethereum-based technology, allows for direct asset settlements, bypassing traditional intermediaries and reducing transaction times and costs.

Additionally, Nexo has expanded its Nexo Card to Switzerland and Andorra as part of its 2025 growth strategy, reflecting growing interest in the region's cryptocurrency ecosystem. Despite the SNB’s cautious stance, the country remains a hub for blockchain innovation and crypto-related developments.