Switzerland Federal Chancellery Registers Bitcoin (BTC) Proposal for Public Vote
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Loading... - Fiona Cullen
- 07 Jan 2025
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The Swiss Federal Chancellery has officially registered a new initiative on December 31, proposing that the Swiss National Bank (SNB) hold Bitcoin as part of its reserves, potentially paving the way for a public referendum. This initiative is led by a group of ten Bitcoin advocates, including Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the Swiss Bitcoin think tank 2B4CH. The proposal aims to amend the Swiss Federal Constitution.
The proposed amendment to Article 99, Paragraph 3, would mandate the SNB to build sufficient monetary reserves from its own earnings, with a portion consisting of gold and Bitcoin. Proponents argue that incorporating Bitcoin into the nation’s monetary framework would enhance Switzerland's financial sovereignty and stability.
To secure a referendum, the initiative requires the collection of 100,000 valid signatures from Swiss citizens by June 30, 2026, which represents approximately 1.12% of Switzerland’s population of 8.92 million. If the threshold is met, Swiss citizens will have the opportunity to vote on the proposal through the country’s direct democratic process.
This initiative marks a renewed effort by 2B4CH, which had previously postponed a similar proposal in October 2021 due to Bitcoin's relative novelty as a strategic national asset at that time. Since then, the global conversation surrounding Bitcoin's role in national reserves has gained momentum, strengthening the case for its inclusion. Notably, El Salvador, the first country to adopt Bitcoin as legal tender, partnered with Lugano, Switzerland, in October 2022 to promote Bitcoin adoption across Europe, even establishing a “Bitcoin office” staffed by an Honorary Consul.
Despite the growing interest and momentum surrounding the proposal, it faces significant challenges. The SNB has historically expressed skepticism towards cryptocurrencies. Chairman Martin Schlegel has voiced concerns regarding the high volatility of assets like Bitcoin and Ether, arguing that such volatility undermines their utility for payments. He has also highlighted the potential connections of cryptocurrencies to illegal activities and the regulatory complexities they present.
Nevertheless, the registration of this initiative is a notable milestone, reflecting an increasing interest in integrating digital assets into traditional financial systems. It also aligns with Switzerland’s reputation as a hub for cryptocurrency innovation and adoption, indicating a potential shift in the country’s approach to digital currencies.
