瑞士國家銀行（SNB）在加密貨幣和氣候活動家的壓力下

瑞士的加密貨幣倡導者加緊說服瑞士國家銀行（SNB）在其外國儲備中持有比特幣。

Cryptocurrency advocates in Switzerland are intensifying their efforts to persuade the Swiss National Bank (SNB) to include Bitcoin in its foreign reserves.

瑞士的加密貨幣倡導者正在加劇他們說服瑞士國家銀行（SNB）將比特幣納入其外國儲備中的努力。

The campaign, which began in December 2024, aims to collect 100,000 signatures for a constitutional amendment that would require the SNB to hold Bitcoin alongside gold.

該活動始於2024年12月，旨在收集100,000個簽名，以進行憲法修正案，該修正案將要求SNB與黃金一起持有比特幣。

The initiative has sparked heated discussions at the annual general meeting (AGM) of the SNB, where supporters and critics clashed over the economic and environmental implications of such a move.

該倡議在SNB的年度股東大會（AGM）上引發了激烈的討論，支持者和批評家就這種舉動的經濟和環境影響發生了衝突。

As Bitcoin Campaign Heats Up, SNB Chairman Highlights Cryptocurrency Risks

隨著比特幣運動的升溫，SNB主席突出了加密貨幣風險

Luzius Meisser, a board member of Bitcoin Suisse and a leading voice in the campaign, highlighted the importance of Bitcoin as a protection against inflation arising from government debt spending.

瑞士比特幣的董事會成員Luzius Meisser，競選活動中的領先聲音強調了比特幣的重要性，以保護政府債務支出引起的通貨膨脹。

"The U.S. is in a bubble, and they're exporting inflation to the rest of the world," Meisser asserted during the AGM.

“美國正處於泡沫狀態，他們正在向世界其他地區出口通貨膨脹，”邁瑟（Meisser）在年度股東大會期間斷言。

He pointed out that Switzerland maintains its foreign reserves portfolio mainly in U.S. dollars and euros, exposing it to geopolitical risks and monetary policy changes.

他指出，瑞士維持其外國儲備金的投資組合主要是美元和歐元，將其暴露於地緣政治風險和貨幣政策變化。

"If the U.S. decides to introduce negative interest rates again, we'll have to pay to keep the money," Meisser added.

米瑟補充說：“如果美國決定再次引入負利率，我們將不得不付款以保留這筆錢。”

The supporters of the initiative also emphasized Switzerland's emerging role as a center for blockchain innovation, citing developments such as Ethereum's origins in Zug, now widely known as "Crypto Valley."

該倡議的支持者還強調了瑞士作為區塊鏈創新中心的新興角色，理由是以太坊的起源在Zug，現在被廣泛稱為“加密河谷”。

According to a study by Lucerne University of Applied Sciences and Arts, approximately 11% of Switzerland's population holds cryptocurrency assets.

根據盧塞恩應用科學與藝術大學的一項研究，瑞士大約有11％的人口持有加密貨幣資產。

SNB Remains Skeptical Despite Rising Support

儘管支持上升，但SNB仍然持懷疑態度

However, the Swiss National Bank remains skeptical of cryptocurrency adoption.

但是，瑞士國家銀行仍然對採用加密貨幣持懷疑態度。

During his address at the AGM, Chairman Martin Schlegel expressed the institution's concerns about Bitcoin, including price volatility, software vulnerabilities, and unstable liquidity.

在股東周年大會上的講話中，主席馬丁·施萊格爾（Martin Schlegel）表示，該機構對比特幣的擔憂，包括價格波動，軟件漏洞和不穩定的流動性。

"We have no instrument to intervene if the market malfunctions or if there's a run on a stablecoin," Schlegel stated.

施萊格爾說：“如果市場出現故障或穩定幣奔跑，我們沒有工具可以乾預。”

Moreover, Schlegel highlighted the possibility of a complete loss of funds in the event of software errors or cyberattacks. He noted that the SNB is currently unable to accept Bitcoin in payment for its operations.

此外，Schlegel強調了在軟件錯誤或網絡攻擊時完全損失資金的可能性。他指出，SNB目前無法接受比特幣的運營付款。

"The software is decisive for cryptocurrencies, and that exposes them to possible system weaknesses and cyber threats," Schlegel mentioned during his interview with Tages-Anzeiger in March.

Schlegel在3月對Tages-Anzeiger採訪時說：“該軟件對加密貨幣具有決定性的作用，這使它們面臨可能的系統弱點和網絡威脅。”

The SNB's handling of climate change investments also came under scrutiny at the AGM. Members of Climate Alliance Switzerland protested outside the meeting to demand that the central bank withdraw from financing businesses that contribute to environmental damage.

SNB對氣候變化投資的處理也受到了股東大會的審查。瑞士氣候聯盟的成員在會議外抗議，要求中央銀行退出造成環境損害的企業的融資。

The protest focused on firms that University College London research showed caused sustained ecological destruction in areas like the Amazon rainforest and Brazil's Cerrado.

抗議活動的重點是倫敦大學研究所研究表明，在亞馬遜雨林和巴西的塞拉多等地區造成了持續的生態破壞。

"We're protesting because the Swiss National Bank is investing in climate-relevant companies without setting any standards," said Asti Roesle from Climate Alliance Switzerland at the shareholders' meeting.

“我們之所以抗議，是因為瑞士國家銀行正在對與氣候相關的公司進行投資，而沒有設定任何標準，”瑞士氣候聯盟瑞士的阿斯蒂·羅伊爾（Asti Roesle）在股東會議上說。

According to Roesle, the SNB's long-term responsibilities are compromised due to neglect of climate risk. She highlighted Switzerland's evident climate issues, including glacier melt and destructive weather patterns resulting in landslides and economic damage.

根據Roesle的說法，由於忽視氣候風險，SNB的長期責任受到損害。她強調了瑞士的明顯氣候問題，包括冰川融化和破壞性的天氣模式，導致滑坡和經濟損失。

"The extreme weather events are also economically relevant and will continue to worsen if we don't take action," she added.

她補充說：“極端天氣事件在經濟上也是相關的，如果我們不採取行動，將繼續惡化。”

The fate of the cryptocurrency initiative now depends on the collection of sufficient signatures for a referendum. If successful, it would mark the first instance globally of mandating a central bank to hold Bitcoin through constitutional reform.

現在，加密貨幣計劃的命運取決於公投的足夠簽名。如果成功的話，這將標誌著全球範圍的第一個實例，要求中央銀行通過憲法改革持有比特幣。

Campaigners, such as Yves Bennaim from the Bitcoin Initiative group, stressed that a modest 1–2% allocation of the SNB's nearly 1 trillion Swiss franc reserve could provide a hedge against monetary debasement without significantly increasing volatility risks.

比特幣倡議小組的伊夫·本尼姆（Yves Bennaim）等活動家強調，對SNB近1萬億瑞士法郎儲備的1-2％分配適中，可以為貨幣貶值提供對沖，而不會顯著增加波動風險。

"We're not asking for much," Bennaim asserted during the protest.

抗議期間，本納姆斷言：“我們沒有要求太多。”

Meanwhile, environmental activists pressured the SNB to implement tighter investment guidelines. They campaigned for an investment model resembling Norway's sovereign wealth fund, which actively works with companies to set climate standards.

同時，環保主義者向SNB施加壓力，要求實施更嚴格的投資準則。他們競選類似於挪威的主權財富基金的投資模式，該基金與公司積極合作以製定氣候標準。

According to critics, the SNB's current passive investment strategy complicates environmental degradation despite its policy of excluding companies that cause severe environmental harm.

根據評論家的說法，儘管SNB目前的被動投資策略使環境降低複雜化，儘管其政策排除了造成嚴重環境傷害的公司。

"The thinking behind the Norwegian model is that we can use our shares of voice to exert influence on the companies to become more sustainable," explained Stefan Zingli, spokesperson for the environmental organization Helti.

“挪威模式背後的思想是，我們可以利用語音份額對公司發揮影響力，從而變得更加可持續，”環保組織Helti的發言人Stefan Zingli解釋說。

The SNB states that its strategic focus prioritizes inflation control and maintaining market neutrality instead of targeting particular sectors.

SNB指出，其戰略重點優先考慮通貨膨脹控制和維持市場中立，而不是針對特定部門。

However, with the growing support from cryptocurrency advocates and environmental activists, the debates over the selection of the SNB's investment strategy are likely to escalate in the coming months.

但是，隨著加密貨幣倡導者和環境活動家的支持越來越大，關於SNB投資策略選擇的辯論很可能在未來幾個月內升級。