Bitcoin In Swiss Reserves? Proposal Filed By Swiss Chancellery

by

As a seasoned researcher who has spent years diving deep into the world of finance and technology, I find this Bitcoin Initiative in Switzerland to be an exciting development that could potentially reshape the global financial landscape. Having followed the rise of cryptocurrencies closely, I’ve witnessed their transformative power and the growing acceptance they’ve received worldwide.

However, as someone who has also seen the volatility and risks associated with Bitcoin firsthand, I understand the concerns of the Swiss National Bank. Yet, it’s crucial to remember that every technological advancement comes with its own set of challenges, but it’s our responsibility to navigate them thoughtfully rather than shy away from progress.

The prospect of Switzerland, a country known for its financial stability and forward-thinking approach, embracing Bitcoin as part of its national reserve is indeed intriguing. If successful, this move could serve as a catalyst for other countries to reconsider their stance on cryptocurrencies.

On a lighter note, I’d like to share a joke that came to my mind when reading about the required 100,000 signatures: “I heard they’re planning to add a ‘sign Bitcoin’ option at every Swiss ballot box. They say it will make the process more interactive!” After all, humor is a great way to cope with the complexities of modern finance and technology!

A pro-Bitcoin faction based in Switzerland is encouraging the government to think about including Bitcoin as part of the country’s official reserves.

The Swiss Federal Chancellery started the procedure to collect enough signatures, aiming to modify the nation’s constitution so that the Swiss National Bank could acquire Bitcoin assets.

Bitcoin Initiative Set In Motion

By the end of 2024, the Swiss Federal Chancellery initiated discussions on the idea of recording cryptocurrency as part of the nation’s financial records.

The governmental body overseen by the state has suggested amending specific clauses in the Swiss Federal Constitution, with the aim that the Swiss National Bank could potentially purchase Bitcoin for their nation’s reserves.

Swiss central bank faces call to hold #bitcoin in reserves

— Gunther Schnabl (@GuntherSchnabl) January 1, 2025

Following a thorough review, the Swiss Federal Chancellery initiated the steps for the Crypto Initiative, confirming that the proposal met all necessary legal criteria.

“For a financially sound, sovereign and responsible Switzerland (Bitcoin Initiative)” satisfies the conditions set out in Article 69 paragraph 2 of the Federal Act of 17 December 1976 on Political Rights,” the government body stated on the Fedlex website.

100,000 Signatures Needed

To trigger a proposed change in Switzerland’s constitution, The Initiative aimed to collect approximately 100,000 signatures from the Swiss population. This amendment would obligate the country’s central bank to include Bitcoin alongside gold as part of the nation’s monetary reserves.

The Swiss Federal Chancellery aims to get the required number of signatures by June 30, 2026 to advance the proposal which seeks to amend Article 99 Paragraph 3 of the country’s federal constitution.

As someone who has closely followed the evolution of digital currencies and their impact on the global financial landscape, I strongly believe that incorporating Bitcoin into the Swiss Federal Constitution as a component of the National Bank’s monetary reserves would be a visionary move. Throughout my career, I have witnessed the rapid growth and acceptance of Bitcoin and other cryptocurrencies, and I am convinced that this innovative technology has the potential to revolutionize the way we store and transfer value. Switzerland, with its forward-thinking approach to fintech and strong commitment to maintaining a competitive edge in the global economy, would be perfectly positioned to lead the way in embracing Bitcoin as a legitimate form of currency for national reserves. By doing so, the Swiss National Bank would not only strengthen its own financial stability but also send a powerful message to the world that it is open to new opportunities and technologies, ultimately bolstering Switzerland’s reputation as a global financial hub. I am eager to see how this initiative unfolds and hope that other countries will follow suit in recognizing the transformative potential of Bitcoin and other digital currencies.

Long Way To Go

To make the constitutional amendment a reality regarding cryptocurrencies, supporters need roughly 1.12% of the entire Swiss population, which is about 8.92 million citizens, to sign the petition.

When the required level is reached, the Bitcoin Initiative will move up for discussion and potential approval by the two-chamber Swiss Parliament, known as the Federal Assembly.

As a researcher, I recently came across a proposal that I’ve taken an interest in. This proposal was put forth by ten enthusiasts of cryptocurrency, residing in Switzerland, who have urged the Swiss government to consider incorporating Bitcoin into their national reserves. Among these advocates are Giw Zanganeh, Vice President of Energy and Mining at Tether, and Yves Bennaïm, founder of 2B4CH.

Nevertheless, the Swiss National Bank maintains a cautious approach towards cryptocurrencies, as they are concerned about the potential risks inherent in using Bitcoin within their central banking system.

Martin Schlegel, head of the Swiss National Bank’s governing board, views Bitcoin and similar digital currencies as a “specialized trend,” noting that these cryptocurrencies face restrictions due to their instability and links to illegal transactions.

Read More

2025-01-02 16:12