A coalition of cryptocurrency proponents in Switzerland has called on the government to contemplate the inclusion of Bitcoin in the national reserves.
The Swiss Federal Chancellery commenced the procedure to collect the necessary amount of signatures to advocate for the modification of the nation’s constitution, permitting the Swiss National Bank to acquire Bitcoin assets.
Bitcoin Initiative Launched
Prior to the conclusion of 2024, the Swiss Federal Chancellery set the process in motion for the proposal to incorporate cryptocurrency into the nation’s financial statement.
The state-operated agency stated that the proposal aims to alter specific sections of the Swiss Federal Constitution to permit the Swiss National Bank to purchase Bitcoin as part of the European nation’s national reserves.
Swiss central bank faces call to hold #bitcoin in reserveshttps://t.co/o7qO7fBnEi
— Gunther Schnabl (@GuntherSchnabl) January 1, 2025
Following an assessment of the potential, the Swiss Federal Chancellery activated the process for the cryptocurrency Initiative, asserting that the proposal officially met the legal standards.”
“For a financially stable, independent and accountable Switzerland (Bitcoin Initiative)” fulfills the criteria outlined in Article 69 paragraph 2 of the Federal Act of 17 December 1976 on Political Rights,” the governmental entity indicated on the Fedlex platform.
100,000 Signatures Required
The Initiative must collect approximately 100,000 signatures from the Swiss populace to advocate for the constitutional modification that mandates the nation’s central bank to incorporate BTC into the country’s monetary reserves alongside gold.
The Swiss Federal Chancellery intends to gather the required signatures by June 30, 2026, to progress the proposal aimed at amending Article 99 Paragraph 3 of the federal constitution.
The initiative will introduce the statement: “The National Bank accumulates adequate monetary reserves from its own gains; part of these reserves include gold and Bitcoin” in the Swiss Federal Constitution, granting the country’s central bank the permission to acquire the leading digital asset for its national reserves.
Long Road Ahead
Reports indicate that for the constitutional amendment to materialize, cryptocurrency proponents must enlist roughly 1.12% of the Swiss populace, or 8.92 million citizens, to support the petition.
Once the necessary threshold is achieved, the Bitcoin Initiative will move to the bicameral legislature, the Swiss Federal Assembly, for evaluation.
The proposition was presented by 10 cryptocurrency advocates in Switzerland to encourage the Swiss government to integrate Bitcoin into its national reserves. Among these advocates are Tether Vice President of Energy and Mining Giw Zanganeh and 2B4CH founder Yves Bennaïm.
Nevertheless, the Swiss National Bank maintains a cautious perspective towards cryptocurrencies, expressing concerns about the risks associated with integrating Bitcoin at the central bank level.
Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, asserted that Bitcoin and other digital currencies are still regarded as a “niche phenomenon,” noting that cryptocurrencies come with challenges due to their volatility and links to unlawful activities.
Featured image from Newsweek, chart from TradingView
