Swiss citizens are advancing a new initiative to integrate Bitcoin into the financial reserves of the Swiss National Bank (SNB). This proposal has entered the official signature collection phase, aiming to secure 100,000 signatures within 18 months.

If successful, the initiative will proceed to a national referendum to amend the Swiss federal constitution.

Swiss Citizens Push For National Bank To Adopt Bitcoin

The Swiss citizens initiative is an attempt to include Bitcoin in Article 99 (Clause 3) of the Swiss constitution which presently requires some amount of the country to be stored in gold. Bitcoin enthusiasts have suggested that Bitcoin should be considered as an instrument similar to gold.

Consequently, this Switzerland amendment would entail only some changes in the wording of the constitution, yet it would have significant effects on Swiss fiscal measures.

Today we officially launched the popular initiative to add #Bitcoin to the @SNB_BNS Swiss National Bank’s balance sheet. https://t.co/Y40yh9pW3X

We will need the full support of our community to gather 100k signatures and make this a national referendum. Details will follow…

— Giw Zanganeh (@gzanganeh) December 31, 2024

The proposal has come at the right time given the increasing interest in BTC as a reserve currency despite fears by CryptoQuant CEO that it would not come to happen especially in the US.

Giw Zanganeh, the Vice President of Energy and Mining at Tether, revealed that the project has been published in the Federal Gazette and the signature collection can begin. After reaching the required number of signatures, the proposal will be forwarded to the Swiss Federal Assembly and then to a vote by the Swiss citizens.

Switzerland’s History of Crypto-Friendly Policies

Switzerland has been one of the leading countries in the world when it comes to the acceptance of cryptocurrencies. Since 2016, the canton known as Crypto Valley has allowed citizens to pay taxes using Bitcoin, making the region a fertile ground for blockchain and cryptocurrency companies.

The progressive policy of the country towards cryptocurrencies is another reason why such an initiative may be presented.

The Swiss citizens opine that incorporating Bitcoin into the SNB’s balance sheet would enhance Switzerland’s position as a financial innovation hub. Nonetheless, earlier efforts to incorporate Bitcoin into nations’ reserves, including the one by the crypto think tank 2B4CH in 2021, did not receive the desired approval.

Will Bitcoin Adoption Grow in 2025?

The demand for Bitcoin reserves in Switzerland by the Swiss citizens is in tune with trends highlighted by Franklin Templeton. According to Franklin Templeton’s digital assets outlook for 2025, more countries will incorporate Bitcoin into their currency reserves.

‘’Bitcoin will continue to evolve to serve as a digital store of value as more institutions and countries integrate the asset.’’ Franklin Templeton said.

This growing acceptance is also visible in other countries. For instance, Donald Trump proposed a Bitcoin Reserve Strategy, German authorities and members of Hong Kong’s Legislative Council have also lately suggested including Bitcoin in their respective currencies. The launch of spot Bitcoin ETFs in the United States in the first half of this year has also helped increase institutional demand.

Challenges Ahead for the Swiss Bitcoin Initiative

However, the initiative encounters numerous challenges even though the interest has been escalating. Switzerland being a neutral country does not often make changes to its constitution and the process is quite long and complicated.

The proposal has to be supported and getting 100,000 verified signatures within the time limit is rather a challenging feat.

Furthermore, there are concerns regarding the stability of the cryptocurrency, especially when considering it as a reserve asset comparable to stable and universally accepted assets such as gold. However, the supporters claim that due to scarcity and the lack of a central authority, Bitcoin is a perfect counterpart to traditional reserve assets.

The post Swiss Citizens Push For Switzerland’s National Bank To Adopt Bitcoin appeared first on CoinGape.

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Filed under: News - @ December 31, 2024 6:24 pm