SNB Chair Schlegel say cryptocurrencies not practical for payments

Swiss National Bank chair Schlegel was speaking at an event in Brugg, Switzerland, on Thursday.

• physical cash to retain an important role in the Swiss payments system
• virtual currencies “remain a niche phenomenon”
• strong fluctuation in values that meant they were not practical for payments
• required a huge amount of energy
• were also linked to illegal activities and were difficult to police

Via Reuters, more at the link here.

This article was written by Eamonn Sheridan at www.forexlive.com.