A group of cryptocurrency advocates in Switzerland has urged the government to consider adding bitcoin to the national reserve.
The Swiss Federal Chancellery has begun the process of obtaining the required number of signatures to push for an amendment to the country’s constitution to allow the Swiss National Bank Build Bitcoin holdings.
The Bitcoin initiative has begun
Before 2024 ends, the Swiss Federal Chancellery has begun proposing the inclusion of cryptocurrencies on the country’s balance sheet.
The state-run government agency said an offer It seeks to review some provisions of the Swiss Federal Constitution to allow the Swiss National Bank to purchase Bitcoin as part of the European country’s national reserve.
The Swiss Central Bank faces an invitation to comment #Bitcoin In reserveshttps://t.co/o7qO7fBnEi
– Gunther Schnabl (@GuntherSchnabl) January 1, 2025
After studying the possibility, the Swiss Federal Chancellery launched the cryptocurrency initiative process, saying that the proposal officially meets the legal requirements.
The “For a Financially Sound, Sovereign and Responsible Switzerland (Bitcoin Initiative)” fulfills the conditions set forth in Article 69 paragraph 2 of the Federal Law of December 17, 1976 on Political Rights,” the government body stated on the Fedlex website.
100,000 signatures required
the initiative About 100,000 signatures were needed from the Swiss public to push for a constitutional amendment that would require the country’s central bank to add Bitcoin as part of the country’s monetary reserve alongside gold.
The Swiss Federal Chancellery aims to obtain the required number of signatures by June 30, 2026 to advance the proposal that seeks to amend Article 99 paragraph 3 of the country’s federal constitution.
The initiative will add the following clause: “The national bank shall build up sufficient cash reserves from its own profits; a portion of these reserves shall consist of gold and bitcoin” in the Swiss Federal Constitution, giving the country’s central bank the power to purchase the best digital assets for its national reserves.
Long way to go
Reports said that for the constitution to be amended, cryptocurrency supporters must get an estimated 1.12% of the Swiss population, or 8.92 million citizens, to support the petition.
Once the threshold is met, the Bitcoin initiative will be submitted to the country’s bicameral parliament, the Swiss Federal Assembly, to undergo review.
The proposal was submitted by 10 crypto advocates in Switzerland urging the Swiss government to adopt Bitcoin in its national reserves. These advocates include Tether Energy and Mining Vice President Giw Zanganeh and 2B4CH Founder Yves Bennaim.
However, the Swiss National Bank still takes a conservative stance regarding cryptocurrencies, as it is concerned about the risks associated with the adoption of Bitcoin at the central bank.
Martin Schlegel, Chairman of the Board of Directors of the Swiss National Bank, believes that bitcoin and other digital assets are still considered a “niche phenomenon,” adding that cryptocurrencies have limitations resulting from their volatility and association with illicit activities.
Featured image from Newsweek, chart from TradingView
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