Thomas Jordan, president of the Swiss National Bank (SNB), said on Friday during a meeting that the central bank is against buying and holding bitcoin as a reserve currency, citing concerns that it does not meet the requirements for currency reserves.

His statement was as follows:

Buying bitcoin is not a problem for us.

We can do this either directly or buy bitcoin based investment products.

We can arrange the technical and operational terms relatively quickly when we are convinced that we should have Bitcoin on our balance sheet.

But from the current perspective, we do not believe that Bitcoin meets the requirements for currency reserves, which is why we have decided so far not to include Bitcoin on our balance sheet.

Jordan also referred to concerns about global warming and the termination of his investments in companies that contribute to bitcoin mining and thus contribute to carbon emissions in an indirect way.

He added:

It makes no sense for us to sell all of our shares, as they will be bought by someone else.

The important thing is that the economy can transform itself to produce fewer carbon dioxide emissions.

This should be done in a systematic and orderly manner.

We are already seeing an energy supply problem right now, with high energy prices causing problems, especially for low-income people.

The comments come in the wake of protests by anti-climate activists outside the Berne meeting, calling on the Swiss central bank to end investment in such companies.

However, they did not specifically mention Bitcoin and its environmental concerns either.

BBVA Bank and Crypto in Switzerland:

BBVA Switzerland Branch has previously announced the addition of Ethereum to the custody and trading service.

As a result, BBVA Switzerland's private banking clients will be able to manage Bitcoin and Ethereum on the bank's platforms.