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The Swiss National Bank has firmly rejected proposals to include Bitcoin in its reserves, underscoring ongoing concerns about stability in the volatile crypto market. Despite increasing calls from the local crypto industry, SNB officials maintain that Bitcoin does not currently meet the stringent requirements necessary for currency reserves. Chairman Martin Schlegel stated, “cryptocurrency cannot currently fulfill the requirements for our currency reserves,” during a recent shareholder meeting, reflecting a cautious stance towards adopting Bitcoin. This article discusses the Swiss National Bank’s rejection of Bitcoin reserves amidst local industry pressure, highlighting key statements and ongoing initiatives in Switzerland’s crypto landscape. Switzerland’s Campaign for a Bitcoin Reserve: A Push for Change The conversation around Bitcoin as a reserve asset in Switzerland has intensified, particularly following a proposal initiated by the Swiss Federal Chancellery. The initiative aims to mandate that the Swiss National Bank (SNB) holds Bitcoin alongside its existing reserves. To progress, the campaign needs to collect 100,000 signatures, a significant target that could trigger a nationwide referendum. The Proposal: A Constitutional Change The proposed amendment seeks to modify Article 99 of the Swiss Constitution, which currently stipulates that the SNB must maintain sufficient reserves, predominantly in gold. Advocates wish to append “and in Bitcoin” to this clause. The movement, backed by the nonprofit 2B4CH, highlights the growing support for cryptocurrency within Switzerland, emphasizing the potential of Bitcoin as a stable reserve amid a turbulent global economy. Prominent figures in the Swiss crypto sector, including Giw Zanganeh of stablecoin issuer Tether, have played pivotal roles in launching and promoting the campaign. The need for diversification in reserves is becoming increasingly urgent as traditional fiat currencies like the dollar and euro face significant fluctuations. Ongoing Campaign: The Case for Bitcoin Advocates for the campaign argue that Bitcoin offers a hedge against political and…

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Filed under: News - @ April 25, 2025 5:21 pm