Swiss National Bank (SNB) Chairman Martin Schlegel has cautioned about cryptocurrencies like bitcoin and ether, describing them as volatile and energy-intensive, and highlighting links to illegal activities that complicate regulation. Speaking at an event hosted by Aargauische Kantonalbank in Brugg, Switzerland, Schlegel noted that, while virtual currencies have seen significant growth, they remain a “niche phenomenon” and are not practical for everyday payments. Meanwhile, the SNB is exploring technological advancements, including a central bank digital currency ( CBDC) pilot project to streamline interbank transactions and the recent introduction of instant payments for faster money transfers. Schlegel also affirmed the enduring importance of physical cash in Switzerland’s payments landscape, citing its accessibility and anonymity. Last week, the SNB announced plans for a new series of banknotes, underscoring its commitment to maintaining cash as a vital payment option.
Swiss National Bank Chair Flags Crypto Risks, Calls Bitcoin and Ether a 'Niche Phenomenon'
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