The Swiss National Bank (SNB) has no intention of buying and holding bitcoin as a reserve currency. According to Reuters, this was announced by president Thomas Jordan at the annual general meeting.

According to him, there are no technical barriers to this. SNB can both buy cryptocurrency directly and buy investment products based on it. Jordan is confident that technical and operational conditions can adjust relatively quickly.

“But from the current point of view, we don’t think bitcoin meets the foreign exchange reserve requirements, so our decision for now is not to have a cryptocurrency on the balance sheet,” he added.

In February, Tether and officials of Lugano, Switzerland’s ninth most populous city, announced that Lugano would become the bitcoin capital of Europe.

The local government has proposed making digital gold, Tether (USDT) and the city’s LVGA token de facto legal tender.

On a national scale, El Salvador has decided to take such a step towards bitcoin. In September 2021, a Latin American state passed a law recognizing cryptocurrency as legal tender. A recent study showed that the use of a digital asset has not gained a massive character in the country in recent months.

In April 2022, the media reported that the Central African Republic, one of the poorest countries in Africa, is following the example of El Salvador.

A number of well-known public companies are using bitcoin as a reserve, including Elon Musk’s Tesla and Jack Dorsey’s Block (formerly Square).

The pioneer was MicroStrategy, which in August 2020 converted some of the reserves into cryptocurrency. As of April 14, 2022, the firm has accumulated 129,218 BTC purchased with its own equity and raised capital. CEO Michael Saylor described the strategy of buying and holding digital gold as “extremely successful.”

Recall that in November 2021 the SNB announced that it was technically ready for the launch of the CBDC. Prior to this, central bank representatives had stated that there was no need for a digital franc.