The governor of the Swiss National Bank (SNB), Martin Schlegel, has once again confirmed that the central bank will not include Bitcoin (BTC) or other digital assets in its foreign currency reserves.
In an interview with Bloomberg, Schlegel expressed his concerns about the high volatility and instability of Bitcoin, as well as the regulatory challenges associated with cryptocurrencies. According to him, these factors are the main reasons to keep digital assets out of the reserves.
Furthermore, he emphasized that the reserves of the Swiss National Bank are intended to support monetary policy and that digital assets are not in line with this objective.
This position aligns with Schlegel’s previous comments. At an event in November 2024, he expressed his caution towards cryptocurrencies such as Bitcoin and Ethereum, which he described as niche phenomena unsuitable for payment purposes due to strong value fluctuations.
He also pointed out concerns about the high energy consumption required for crypto operations and the association with illegal activities, which complicates their regulation.
Despite the SNB’s reluctance regarding digital assets, Switzerland remains a hub for blockchain innovation. Recently, the Swiss subsidiary of the Stuttgart Stock Exchange, BX Digital, received approval from the Swiss Financial Market Supervisory Authority to operate a blockchain-based trading system.
The platform enables direct settlement and transfer of assets using Ethereum-based blockchain technology. This eliminates intermediaries and further reduces transaction times and costs.
Moreover, Nexo expanded its Nexo Card to Switzerland and Andorra on February 11 as part of its 2025 Growth Plan. The card combines debit and credit functions and achieved an adoption rate of 62% among eligible users in the European Economic Area.
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