$ETH Schlegel elaborated that the SNB’s currency reserve policy prioritizes assets with high liquidity, enabling rapid buying and selling of foreign exchange when necessary. He also pointed to the inherent volatility of cryptocurrencies, stating that they typically display “very, very high” fluctuations in value, which severely undermines their effectiveness for maintaining the resilience and stability of the bank’s reserves. These concerns continue to drive the SNB’s conservative stance on digital currencies despite mounting external pressure. While the SNB remains steadfast in its opposition, the referendum effort highlights an ongoing debate over the future structure of Switzerland’s monetary safeguards.
