SNB拒絕比特幣，選擇穩定性而不是中斷

加密貨幣正在破壞全球貨幣秩序，並推動各州和中央銀行重新考慮其戰略，但瑞士選擇了謹慎的道路。

As cryptocurrencies continue to disrupt the global monetary order and push states and central banks to adapt their strategies, Switzerland appears to be preferring caution.

隨著加密貨幣繼續破壞全球貨幣秩序，並推動國家和中央銀行改編其戰略，瑞士似乎更願意謹慎。

The Swiss National Bank (SNB), tasked with safeguarding the country’s economic stability, has decisively rejected the possibility of integrating bitcoin into its reserves. This clear stance comes as a citizen initiative is attempting to force the adoption of crypto at the highest institutional level.

瑞士國家銀行（SNB）負責維護該國的經濟穩定，果斷地拒絕將比特幣整合到其儲備中的可能性。這一明確的立場是因為公民倡議試圖在最高的機構層面上迫使採用加密貨幣。

During the annual general meeting held in Bern on Friday, April 25, 2025, Martin Schlegel, President of the Swiss National Bank (SNB), firmly rejected the idea of including bitcoin among reserve assets.

在2025年4月25日星期五在伯爾尼舉行的年度股東大會上，瑞士國家銀行（SNB）的總裁馬丁·施萊格爾（Martin Schlegel）堅決拒絕將比特幣在儲備資產之間加入的想法。

Addressing shareholders, Schlegel stated, “Crypto currently cannot fulfill the requirements for our monetary reserves.”

施萊格爾（Schlegel）向股東致辭說：“加密貨幣目前無法滿足我們的貨幣儲備的要求。”

He explained that SNB assets must meet strict criteria, including high market liquidity and value stability—qualities which, in the president’s view, bitcoin does not yet possess in its current stage of development.

他解釋說，SNB資產必須符合嚴格的標準，包括高市場流動性和價值穩定性 - 總統認為，比特幣在目前的發展階段尚未擁有。

Adherence to these criteria ensures the rapid availability of the bank’s resources, crucial for market interventions or supporting the Swiss franc during periods of volatility.

遵守這些標準可確保銀行資源的迅速供應，對於市場干預至關重要或在波動期間支持瑞士法郎。

Specifically, the SNB identifies several weaknesses that exclude bitcoin from its reserve options:

具體而言，SNB確定了幾個弱點，這些弱點將比特幣排除在其儲備選項之外：

* Limited liquidity: Despite the growing market cap of cryptocurrencies, Schlegel believes they still lack sufficient market depth for central bank-scale operations.

*流動性有限：儘管加密貨幣的市值不斷增長，但Schlegel認為他們仍然缺乏足夠的市場深度來實現中央銀行規模的運營。

* ̂Price volatility: Though reduced from the wild swings of previous years, bitcoin’s price remains more volatile than other reserve assets, posing problems for balanced portfolio management over the long term.

* ̂價格波動：儘管從往年的狂野波動中減少了，但比特幣的價格仍然比其他儲備金更加波動，從長遠來看，對平衡投資組合管理構成了問題。

* ̂Legal and regulatory uncertainties: The cryptocurrency sector is still evolving rapidly, with new regulations and legal frameworks being introduced regularly. This dynamism, while a sign of innovation, also creates an instability that does not suit the Swiss National Bank’s risk calculus.

*法律和監管不確定性：加密貨幣部門仍在迅速發展，並定期引入新的法規和法律框架。這種活力雖然是創新的跡象，但也造成了不適合瑞士國家銀行風險微積分的不穩定。

By maintaining this policy, the Swiss central bank is prioritizing the stability and resilience of the national financial system, even as new global economic dynamics come into play.

通過維護這項政策，瑞士中央銀行正在優先考慮國家金融體系的穩定性和韌性，即使新的全球經濟動態開始發揮作用。

However, a different vision is being pushed by a citizen initiative, aiming to shake the legal foundations of national reserve management. Led by Luzius Meisser, an entrepreneur and ardent bitcoin supporter, a movement is gathering to oblige the Swiss National Bank to diversify its assets by integrating bitcoin alongside gold.

但是，一項公民倡議正在推動不同的願景，旨在動搖國家儲備管理的法律基礎。在企業家和熱心的比特幣支持者Luzius Meisser的帶領下，一項運動正在聚集起來，迫使瑞士國家銀行通過將比特幣與黃金融合在一起，使其資產多樣化。

According to Meisser, “bitcoin represents a special asset in a multipolar world where trust in public debts is gradually collapsing.”

根據Meisser的說法，“比特幣代表了多極世界中對公共債務的信任逐漸崩潰的特殊資產。”

This initiative intends to organize a national referendum to amend the Constitution, thus giving a political dimension to this economic debate. The Swiss legislative process, based on direct democracy, allows citizens to propose such constitutional amendments, provided they gather a sufficient number of signatures.

該倡議旨在組織民族全民公決以修改憲法，從而為這一經濟辯論提供了政治層面。瑞士立法程序以直接的民主為基礎，允許公民提出此類憲法修正案，只要他們收集了足夠數量的簽名即可。

If the initiative manages to reach this threshold with signatures from at least 100,000 voters, it will then be submitted to a national vote, which could compel the SNB to review its asset management principles.

如果該倡議設法通過至少100,000名選民的簽名達到這個門檻，那麼它將進行全國投票，這可能會迫使SNB審查其資產管理原則。

This prospect raises questions about a central bank’s ability to maintain its neutrality and operational flexibility while responding to specific popular demands.

這一前景提出了有關中央銀行保持其中立性和運營靈活性的能力的疑問，同時響應特定的流行需求。

If the bitcoin campaign managed to mobilize a significant portion of the Swiss population, it could create an unprecedented precedent in the history of modern central banks. However, even in case of success, the road would be long before effective implementation, considering the necessary legal, regulatory, and technical adjustments.

如果比特幣運動設法動員了瑞士人的大部分人口，則可以在現代央行歷史上創造前所未有的先例。但是，即使在成功的情況下，考慮到必要的法律，監管和技術調整，這條道路也很早就有效實施。

In a world where trust in traditional currencies is visibly waning, the debate around bitcoin in sovereign reserves could mark a fundamental evolution of central banks’ role vis-à-vis cryptocurrencies.

在一個對傳統貨幣的信任明顯減弱的世界中，主權儲備中圍繞比特幣的辯論可以標誌著中央銀行對加密貨幣的角色的基本發展。