Swiss Bank Chief Snubs Bitcoin, Says It’s Too Risky For Reserves
The Swiss National Bank (SNB) has rejected the notion of incorporating Bitcoin into its reserves. The central bank has no interest in retaining the cryptocurrency, as it is too volatile and risky, according to SNB President Martin Schlegel. Related Reading: Crypto Heads To The White House As Trump Hosts 1st Summit Price Swings Raise Concerns […]
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The Swiss Gold Referendum and the "Save Our Swiss Gold" movement that would have forced the Swiss National Bank (SNB) to hold at least 20% of its balance sheet in gold has been definitively defeated. Earlier today, Switzerland's populace spread across 26 different cantons voted on several referendums and soundly defeated two that have made headlines around the world. Experts have been expecting a defeat on the Swiss Gold Reserves referendum for many weeks now as support dwindled even prior to voting day. In the end, 77% of participating Swiss voters decided against forcing their national....
A group of Swiss Bitcoin advocates led by Yves Bennaïm has initiated a referendum to amend the Swiss constitution in a way that would mandate the Swiss National Bank (SNB) to include BTC alongside gold in its currency reserves, as reported by local media. The proposed amendment to the Swiss constitution is succinct yet significant. […]
Successful or not, the vote will bring crypto education to people who are not yet Bitcoin-savvy, 2B4CH founder said. 2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies like Bitcoin (BTC) and blockchain technology, is launching an initiative to potentially make Bitcoin one the country’s reserve assets.On Oct. 8, the association announced plans to start a federal popular initiative aiming to collect 100,000 signatures for introduction of Bitcoin to the article 99 clause 3 of the Swiss federal constitution.The initiative specifically proposes to add Bitcoin....
In an apparent snub to Ripple, Thailand’s oldest bank, Siam Commercial Bank (SCB) is set to open a new cross border remittances corridor in partnership with Lightnet, a fintech company that uses the Stellar blockchain. SCB says the partnership opens the door for more efficient cross border funds transfer from South Korea to Thailand. Before choosing Lightnet, SCB teamed up with Ripple’s partner Azimo in April to open a payment corridor between Thailand and Europe by using the Ripplenet. However, in announcing the new partnership, an executive with SCB lauds the new service....
Gold is a commodity like bitcoin and other cryptocurrencies, Citi's chief economist argues in a research note published yesterday, ahead of a Swiss vote that could cause the global gold price to spike. Switzerland will hold a popular referendum on Sunday called 'Save Our Swiss Gold'. If passed, it would mandate the Swiss National Bank to hold a fifth of its assets in gold and to repatriate its holdings from England and Canada. The bank would also be banned from selling its gold in future. Gold prices have dropped as markets await the referendum. If the referendum is passed, gold prices....