The Swiss Federal Chancellery informed on December 31, 2024 that it has formally accepted a popular initiative seeking the inclusion of bitcoin (BTC) in the reserves of the Swiss National Bank (SNB). This proposal, driven by a group of advocates of the digital currency, aims to strengthen the financial independence and stability of the Central European country.
The approach seeks to amend Article 99, paragraph 3, of the Swiss Constitution to include bitcoin, along with gold, as reserve assets. If the necessary support is achieved, this amendment would place Switzerland as one of the first Western countries to officially recognize Satoshi Nakamoto's invention as a component of its monetary policy, following in the footsteps of El Salvador, which already accumulates 6,000 BTC as part of its National Treasury.
For the Swiss proposal to reach a national referendum, the collection of at least 100,000 signatures is required by June 30, 2026, as specified in the document published by the Federal Chancellery. This effort means mobilizing approximately 1.12% of the population to support the initiative, considering that more than 8.9 million people live in the country.
The signature gathering campaign is now led by Yves Bennaïm, who is the founder of 2B4CH, a think tank studying the socioeconomic impact of bitcoin. Supporters also include Giw Zanganeh, vice president of energy and mining at Tether, among other bitcoiners. “History is being written,” Bennaïm noted on the X social network.
The text of the initiative was published Tuesday in the Federal Gazette under the title “For a financially strong, sovereign and responsible Switzerland.” And, in it, proponents argue that bitcoin offers a decentralized alternative with limited supply, which could protect Switzerland from inflation and reduce reliance on traditional currencies such as the U.S. dollar.
Following the collection of signatures, the Federal Assembly will review the proposal for a referendum. If approved, Swiss citizens will decide at the ballot box the role of Bitcoin in their national economy, which could set a global precedent in the field of financial and monetary policies.
If the initiative makes it through the referendum, it could not only influence Swiss economic policy, but also inspire other European nations to consider the digital currency as a pioneer in their reserves.
Proposals such as the one emerging in Switzerland are aligned with a recent global movement, as there are proposals in the United States, Brazil and Poland to follow the steps taken by El Salvador in 2021. The Central American country adopted bitcoin as part of its reserves in 2021.
Like El Salvador, Switzerland is home to the city of Lugano, in the southeast of the country, where bitcoin is legal tender. And if the proposal to include the digital currency as part of the country's national reserves is approved, it underscores how this nation, known for its financial innovation, could once again lead the way in a new era of the digital economy.
Source: Marianella Vanci / Criptonoticias.
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