According to a report by Jin Ten, Swiss National Bank Governor Schlegel said that he does not see the need to launch a retail central bank digital currency.
Swiss National Bank Governor Schlegel: If monetary policy needs to be further relaxed, interest rate cuts remain the main tool.
SNB President Schlegel: The SNB remains willing to intervene in the foreign exchange market if necessary.
The SNB will announce its interest rate decision in ten minutes.
Swiss National Bank Governor Jordan will speak in ten minutes.
Swiss National Bank Governor: We think it might make sense to introduce a digital franc.
Thomas Jordan, chairperson of the Swiss National Bank (SNB), expressed skepticism about the prospect of the SNB buying bitcoin at the central bank's annual shareholder meeting on Friday. Jordan pointed out that adding Bitcoin to the Swiss National Bank's reserve assets, which include gold, foreign currencies, bonds, and stocks, could have potential negative impacts, such as increased carbon emissions. He then highlighted the energy consumption associated with bitcoin mining and trading.
The Swiss National Bank will increase the minimum reserve requirement ratio for banks.