The Swiss National Bank (SNB) has once again ruled out adding Bitcoin or other cryptocurrencies to its foreign exchange reserves, citing concerns over volatility and regulatory challenges.
In an interview with Bloomberg, SNB Governor Martin Schlegel reiterated the central bank’s position, emphasizing that Bitcoin’s price instability and the evolving regulatory landscape make it unsuitable for inclusion in the bank’s reserves. Schlegel stressed that the SNB’s reserves are intended to support monetary policy, and digital assets do not align with this objective.
This stance is consistent with Schlegel’s previous comments. At a November 2024 event, he described Bitcoin and Ethereum as niche assets with excessive price fluctuations, making them unreliable for payment purposes. He also raised concerns over the environmental impact of cryptocurrency mining and its association with illicit activities, which complicate effective regulation.
Switzerland Remains a Blockchain Innovation Hub
While the SNB remains cautious about cryptocurrencies, Switzerland continues to establish itself as a leader in blockchain innovation.
Recently, BX Digital — the Swiss arm of the Stuttgart Stock Exchange — secured approval from the Swiss Financial Market Supervisory Authority (FINMA) to launch a blockchain-based trading platform. The new system leverages Ethereum-based blockchain technology to enable direct asset settlement and transfers, cutting out intermediaries and lowering transaction costs and times.
Additionally, Nexo expanded its Nexo Card to Switzerland and Andorra on February 11 as part of its 2025 Growth Plan. The card, which combines debit and credit functions, has already achieved a 62% adoption rate among eligible users in the European Economic Area.
Despite the SNB’s reluctance to embrace digital assets, Switzerland’s blockchain ecosystem continues to grow, reinforcing the country’s reputation as a global leader in financial innovation.
