A new initiative has been launched to amend the Swiss Federal Constitution to require the Swiss National Bank to hold Bitcoin as part of its reserves.
Switzerland is set to vote on a proposal to amend the country's constitution and include Bitcoin in the Swiss National Bank's monetary reserves.
A group of Bitcoin advocates, led by the Swiss nonprofit think tank 2B4CH, submitted the proposal to the Swiss Federal Gazette on December 31, kicking off the initiative. The proposal aims to integrate Bitcoin into the country's financial framework, highlighting its role in ensuring a financially sound and sovereign Switzerland.
The activists propose an amendment to Article 99 Paragraph 3 of the Swiss Federal Constitution, which mandates the National Bank to build up adequate monetary reserves from its own earnings. A portion of these reserves should be held in gold and Bitcoin, according to the proposal.
The group behind this initiative, spearheaded by Yves Bennaïm, hopes to gather 100,000 signatures by June 30, 2026, to trigger a public referendum on the proposal.
Switzerland, known for its advanced financial sector and favorable stance towards cryptocurrencies, has seen increasing adoption of Bitcoin, especially in the city of Lugano. The city hosts an annual Bitcoin conference and boasts widespread merchant acceptance of the cryptocurrency, with around 260 merchants in the city reportedly accepting Bitcoin.
However, despite this growing acceptance, Swiss National Bank Chair Martin Schlegel has expressed concerns regarding Bitcoin's energy consumption and its efficiency as a payment method.
This initiative to include Bitcoin in Switzerland's national reserves comes amid increasing interest from nations worldwide in exploring Bitcoin reserve strategies. The United States, Brazil, and Poland are among the countries considering such strategies, highlighting a broader global trend of countries evaluating the strategic reserve of Bitcoin in their national financial systems.
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