SNB Won’t Follow Trump’s Crypto Reserves Push, Schlegel Says

The Swiss National Bank won’t buy Bitcoin and similar digital currencies, even after President Donald Trump made a push to establish a strategic US reserve.

“We do not have plans to buy crypto assets,” central bank chief Martin Schlegel told Bloomberg Television in Zurich on Thursday, citing large volatility as well as a lack of safety and of a robust legal framework.

Schlegel went on to explain that the SNB’s foreign-exchange reserves exclusively serve the goal of facilitating monetary policy. Crypto doesn’t fulfill the criteria of being useful for this, he said, echoing earlier comments.