Emily Walker
A coalition of cryptocurrency enthusiasts in Switzerland has called on the government to contemplate including Bitcoin in the country’s national reserves.
The Swiss Federal Chancellery has begun gathering the necessary signatures to propose an amendment to the constitution, enabling the Swiss National Bank to accumulate Bitcoin assets.
Initiative for Bitcoin Inclusion
Before the end of 2024, the Swiss Federal Chancellery kickstarted plans to incorporate cryptocurrency into the nation’s financial portfolio.
This governmental entity stated that the initiative aims to modify specific articles of the Swiss Federal Constitution, allowing the Swiss National Bank to invest in Bitcoin as part of the national reserves.
Swiss central bank faces calls to hold #bitcoin in reserves
— Gunther Schnabl (@GuntherSchnabl) January 1, 2025
After assessing the viability, the Swiss Federal Chancellery endorsed the project, noting that the proposal meets all legal requirements.
“A financially sound, sovereign, and responsible Switzerland (Bitcoin Initiative)” fulfills the conditions outlined in Article 69 paragraph 2 of the Federal Act of 17 December 1976 on Political Rights,” as per statements made by the agency on the Fedlex site.
Signature Collection Goal
The Initiative must collect approximately 100,000 signatures from Swiss citizens to push for the constitutional change, allowing BTC to join gold as part of the central bank’s monetary assets.
The aim is to accumulate the necessary signatures by June 30, 2026, to move forward with amending Article 99 Paragraph 3 of the Swiss federal constitution.
The amendment will introduce a line stating: “The National Bank accumulates significant monetary reserves from its earnings; these reserves include gold and Bitcoin,” granting authority to the Swiss central bank to invest in Bitcoin in its reserves.
A Challenging Journey Ahead
According to reports, to facilitate the constitutional amendment, cryptocurrency supporters must garner approximately 1.12% of the Swiss population, translating to about 8.92 million citizens, to sign the petition.
Once the goal is reached, the Bitcoin Initiative will be presented to Switzerland’s bicameral parliament, the Swiss Federal Assembly, for evaluation.
The proposal was introduced by ten cryptocurrency advocates, including Tether’s Vice President of Energy and Mining, Giw Zanganeh, and Yves Bennaïm, founder of 2B4CH, to persuade the Swiss government to embrace Bitcoin in its national reserves.
Nonetheless, the Swiss National Bank has maintained a cautious approach toward cryptocurrencies, citing concerns over the risks linked to Bitcoin adoption.
Martin Schlegel, the Swiss National Bank’s governing board chairman, remarked that Bitcoin and similar assets are still regarded as a “niche phenomenon,” noting their volatility and connection to illicit activities.
Image sourced from Newsweek, data from TradingView