SNB拒绝比特币，选择稳定性而不是中断

加密货币正在破坏全球货币秩序，并推动各州和中央银行重新考虑其战略，但瑞士选择了谨慎的道路。

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.

随着加密货币继续破坏全球货币秩序，并推动国家和中央银行改编其战略，瑞士似乎更愿意谨慎。

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.

瑞士国家银行（SNB）负责维护该国的经济稳定，果断地拒绝将比特币整合到其储备中的可能性。这一明确的立场是因为公民倡议试图在最高的机构层面上迫使采用加密货币。

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日星期五在伯尔尼举行的年度股东大会上，瑞士国家银行（SNB）的总裁马丁·施莱格尔（Martin Schlegel）坚决拒绝将比特币在储备资产之间加入的想法。

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

施莱格尔（Schlegel）向股东致辞说：“加密货币目前无法满足我们的货币储备的要求。”

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.

他解释说，SNB资产必须符合严格的标准，包括高市场流动性和价值稳定性 - 总统认为，比特币在目前的发展阶段尚未拥有。

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.

遵守这些标准可确保银行资源的迅速供应，对于市场干预至关重要或在波动期间支持瑞士法郎。

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

具体而言，SNB确定了几个弱点，这些弱点将比特币排除在其储备选项之外：

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

*流动性有限：尽管加密货币的市值不断增长，但Schlegel认为他们仍然缺乏足够的市场深度来实现中央银行规模的运营。

* ̂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.

* ̂价格波动：尽管从往年的狂野波动中减少了，但比特币的价格仍然比其他储备金更加波动，从长远来看，对平衡投资组合管理构成了问题。

* ̂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.

*法律和监管不确定性：加密货币部门仍在迅速发展，并定期引入新的法规和法律框架。这种活力虽然是创新的迹象，但也造成了不适合瑞士国家银行风险微积分的不稳定。

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.

通过维护这项政策，瑞士中央银行正在优先考虑国家金融体系的稳定性和韧性，即使新的全球经济动态开始发挥作用。

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，一项公民倡议正在推动不同的愿景，旨在动摇国家储备管理的法律基础。在企业家和热心的比特币支持者Luzius Meisser的带领下，一项运动正在聚集起来，迫使瑞士国家银行通过将比特币与黄金融合在一起，使其资产多样化。

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

根据Meisser的说法，“比特币代表了多极世界中对公共债务的信任逐渐崩溃的特殊资产。”

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.

该倡议旨在组织民族全民公决以修改宪法，从而为这一经济辩论提供了政治层面。瑞士立法程序以直接的民主为基础，允许公民提出此类宪法修正案，只要他们收集了足够数量的签名即可。

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.

如果该倡议设法通过至少100,000名选民的签名达到这个门槛，那么它将进行全国投票，这可能会迫使SNB审查其资产管理原则。

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

这一前景提出了有关中央银行保持其中立性和运营灵活性的能力的疑问，同时响应特定的流行需求。

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.

如果比特币运动设法动员了瑞士人的大部分人口，则可以在现代央行历史上创造前所未有的先例。但是，即使在成功的情况下，考虑到必要的法律，监管和技术调整，这条道路也很早就有效实施。

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.

在一个对传统货币的信任明显减弱的世界中，主权储备中围绕比特币的辩论可以标志着中央银行对加密货币的角色的基本发展。