Swiss Central Bank: Open Approach To Cryptocurrencies

The possibility of acquiring Bitcoin has been left open by the Swiss central bank, although its chairman Thomas Jordan stressed that at the moment it is not a scenario he is still considering.

- Advertisement -

“Buying Bitcoin is not a problem for us, we can do it either in a direct way or we can buy investment products based on Bitcoin” – he said in response to a question raised at the central bank’s annual meeting.

“We can regulate the technical part and the operational requirements quite quickly, whenever we are convinced that we ought to have bitcoin in our portfolio,” he noted. However, he stressed, “We do not believe that bitcoin qualifies as a reserve currency.”

Risks

It is worth noting that, as the European Banking Authority noted, banks in the Union have not yet been heavily exposed to cryptocurrencies to the extent that additional safety nets are needed to protect the economy.

The banking authority noted that cryptocurrency markets are still very small and regulation is still at a very early stage.

- Advertisement -

“The European Banking Authority considers that it is too early to adopt new macroeconomic tools to address the systemic aspects of these risks at this stage. It focuses on the need to monitor the cryptocurrency asset industry, in particular by identifying old and new mechanisms, sensitivities and risks that may make cryptocurrency assets a source of systemic risk or a threat to financial stability,” the authority noted.

Previous Articles:

- Advertisement -

Latest News

Ripple’s XRP Now Partnered With Over 140 Banks Worldwide

Ripple's XRP bank partnerships now cover more than 140 financial institutions worldwide, including major...

Crypto Exchanges Bypass Russia Sanctions via Obfuscation

Russian-facing crypto exchanges continue to enable sanctions evasion by providing cross-border payment channels shielded...

Coinbase to Share USDC Reserve Revenue With Circle

Coinbase receives significant revenue from USDC reserves, including 50% of Circle’s “residual payment base.”SkyBridge...

Bitcoin Miner MARA Takes Majority Stake in French AI Firm Exaion

MARA Holdings completes its acquisition of a 64% majority stake in French infrastructure firm...

AI Stock Overvaluation Could Propel Bitcoin Higher: Analyst

Macro strategist Lyn Alden suggests Bitcoin's next major rally may depend on capital rotating...

Must Read

17 Best Cryptocurrency Wallets

If you are looking for a list with the best cryptocurrency wallets, then you've landed on the right page. Cryptocurrency, as we all know,...
🔥 #AD Get 20% OFF any new 12 month hosting plan from Hostinger. Click here!