On December 31, a noteworthy development was registered with the Swiss Federal Chancellery as a new initiative emerged, aiming to facilitate the Swiss National Bank’s (SNB) inclusion of Bitcoin in its monetary reserves. Led by a coalition of ten Bitcoin proponents, this initiative includes prominent figures such as Giw Zanganeh, Tether’s vice president for energy and mining, and Yves Bennaïm, the founder of the Swiss Bitcoin think tank 2B4CH. The proposal seeks to amend the Swiss Federal Constitution, specifically targeting Article 99 Paragraph 3. If successful, this amendment would obligate the SNB to establish a diverse portfolio of reserves, comprising gold and Bitcoin, sourced from its earnings.
Supporters of this initiative argue that integrating Bitcoin into the financial system would enhance Switzerland’s fiscal independence and stability. They contend that the inclusion of digital currency as a reserve asset would fortify the country’s economy against inflation and economic fluctuations, positioning Switzerland as a leader in the cryptocurrency ecosystem. The official documentation indicates that to advance this proposal to a public vote, organizers must gather 100,000 valid signatures from Swiss citizens by June 30, 2026. This goal represents around 1.12% of Switzerland’s approximate population of 8.92 million, which places considerable responsibility on advocates to mobilize support.
This initiative marks a resurgence for 2B4CH, which had previously postponed a similar proposal in October 2021, primarily due to Bitcoin’s nascent status as an important national asset. However, in the interim, the conversation surrounding Bitcoin’s viability as a reserve currency has evolved significantly. The situation is compounded by El Salvador’s landmark decision to adopt Bitcoin as legal tender, which catalyzed further discussions about Bitcoin’s role on the international stage. In October 2022, El Salvador partnered with Lugano, Switzerland, to encourage the broader adoption of Bitcoin across Europe, underlining the growing acceptance of cryptocurrencies globally.
Despite the enthusiasm surrounding the initiative, the road ahead is fraught with obstacles. Historically, the Swiss National Bank has maintained a critical stance toward cryptocurrencies, with Chairman Martin Schlegel openly expressing reservations about Bitcoin and Ether. Schlegel has pointed out the considerable volatility associated with these cryptocurrencies, which complicates their utility in transactional frameworks. Moreover, concerns have been raised regarding the potential for cryptocurrencies to be used in illegal activities, as well as the regulatory complexities they entail.
Nonetheless, the registration of this initiative signals a pivotal moment for the integration of digital assets within traditional financial systems. It highlights a growing interest in exploring innovative economic strategies that could redefine Switzerland’s financial landscape. As a country renowned for its cryptocurrency innovation and adoption, the proposal captures the dynamic interplay between tradition and the evolving digital asset class. Whether or not the initiative ultimately secures the necessary support for a public referendum, its mere existence has already sparked vital discussions about the future of monetary policy in Switzerland.
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