CandleFocus Bitcoin remains ‘niche phenomenon,’ Swiss central bank says
2024-11-08
Author: Content Editor
The Swiss National Bank (SNB) remains cautious about cryptocurrencies and believes that physical cash will continue to play a key role in the country's payment landscape. Chairman Martin Schlegel highlighted the volatility and practical limitations of cryptocurrencies, as well as their ties to illicit activities and high energy consumption. However, the SNB is not ignoring technological advancements and is exploring a pilot project for a central bank digital currency (CBDC) to streamline interbank payments. Despite this, Schlegel reiterated the SNB's commitment to cash and stated that it will continue to play an important role in the future.
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