A group of cryptocurrency lawyers in Switzerland has urged the government to consider adding Bitcoin to the national reserve.
The Swiss Federal Chancellery began the process of obtaining the required number of signatures to push for an amendment to the country’s constitution to allow the Swiss National Bank to build Bitcoin holdings.
Bitcoin Initiative Set In Motion
Before 2024 expires, the Swiss Federal Chancellery got the ball rolling for a proposal to include cryptocurrency on the country’s balance sheet.
The government-run agency said the proposal aims to revise certain provisions of the Swiss Constitution to allow the Swiss National Bank to buy Bitcoin as part of the European sovereign.
The Swiss central bank wants to catch up #bitcoin in designated areas
– Gunther Schnabl (@GuntherSchnabl) January 1, 2025
After evaluating the prospect, the Swiss Federal Chancellery started the crypto Initiative process, stating that the proposal legally satisfies the legal requirements. “
“To find a financially sound, independent and responsible Switzerland (Bitcoin Initiative)” satisfies the conditions set out in Article 69 paragraph 2 of the Federal Law of 17 December 1976 on Political Rights,” the government body said on the Fedlex website.
100,000 Signatures Required
The Initiative needed to collect about 100,000 signatures from the Swiss public to push for a constitutional amendment that would require the country’s central bank to add BTC as part of the nation’s reserve currency and gold.
The Swiss Federal Chancellery aims to obtain the required number of signatures by June 30, 2026 to advance a proposal that aims to amend Article 99 Section 3 of the country’s constitution.
This plan will add a clause that says: “The National Bank shall create sufficient funds available from its profits; part of these reserves are made up of gold and Bitcoin” in the Swiss Federal Constitution, which gives the country’s central bank the authority to purchase digital assets for its national reserves.
A Long Way to Go
Reports said that for the constitutional amendment to take place, crypto advocates must get 1.12% of the Swiss population, or 8.92 million citizens, to support the request.
Once the threshold is reached, the Bitcoin Initiative will be proposed to the country’s bicameral parliament, the Swiss Federal Assembly for review.
This proposal was submitted by 10 cryptocurrency advocates in Switzerland to urge the Swiss government to accept Bitcoin in its national territories. Among these lawyers are Vice President of Energy and Mining Giw Zanganeh and 2B4CH founder Yves Bennaïm.
However, the Swiss National Bank still maintains a conservative stance on cryptocurrencies, worrying about the risk associated with accepting Bitcoin at the central bank.
Martin Schlegel, Chairman of the Executive Board of the Swiss National Bank, believes that Bitcoin and other digital assets are still considered “extraordinary”, adding that cryptocurrencies have limitations brought about by their volatility and association with illegal activities.
Featured image from Newsweek, chart from TradingView