Bitcoin does not qualify as a reserve currency, Swiss National Bank President Thomas Jordan said today at the bank's general meeting of shareholders. Jordan also said rising inflation in his country was no guarantee of a rate rise.
The Swiss National Bank has been added to the list of central banks that do not believe in cryptocurrencies, particularly Bitcoin. Despite Tether's agreement with the Swiss city of Lugano to use Bitcoin and the USDT, Thomas Jordan, president of the Swiss National Bank, said he did not believe in bitcoin.
"No reserve conditions"
Jordan made statements on many issues, especially inflation. He used the following statement:
"For bitcoin to be a reserve currency, it has to meet certain conditions, and that's not the case. The fact that inflation is rising in Switzerland at the moment does not mean that we will raise interest rates. Other banks can do that. So why don't we? Because inflation in Switzerland is still at a moderate level, secondly, we see it coming down to a level where price stability can be achieved in the foreseeable future. There are no unusual circumstances at the moment, but we will not hesitate to take necessary measures in case of emergency."
In Switzerland, the central bank's inflation forecast was between 0% and 2%, but it exceeded expectations at 2.4%. Finally, yesterday, Sweden's central bank raised interest rates by 25 basis points.