The Swiss Federal Chancellery has officially registered the “Bitcoin initiative,” which proposes including Bitcoin in Switzerland’s central bank reserves.
The registration grants the initiative’s committee 18 months to collect 100,000 valid signatures, a requirement for advancing the proposal to a nationwide referendum. Advocates believe incorporating Bitcoin could bolster economic stability and shield the Swiss economy from external financial influences.
Proposal to amend the Swiss Constitution
The Bitcoin initiative seeks to amend Article 99, Clause 3, of the Swiss Constitution. This clause currently mandates that a portion of Switzerland’s national reserves must be held in gold. The initiative, spearheaded by 10 committee members, including Yves Bennaïm, founder of the think tank 2B4CH, argues that Bitcoin should be treated as a digital equivalent of gold. Proponents claim Bitcoin’s inclusion in the reserves would enhance financial sovereignty and serve as a hedge against global economic uncertainties.
The proposal’s backers emphasize the asset’s decentralized nature and potential to strengthen the country’s financial resilience. If the required number of signatures is collected, the proposal will proceed to the Swiss Federal Council and Parliament before being put to a public vote.
Global interest in Bitcoin reserves
Switzerland is not alone in exploring Bitcoin as a component of national reserves. Other nations, including the United States, Germany, and Hong Kong, are reportedly evaluating similar measures. Former German Finance Minister Christian Lindner has urged the European Central Bank and the German Bundesbank to consider integrating Bitcoin alongside traditional reserves like gold.
In the United States, Donald Trump introduced a Bitcoin reserve plan during the 2024 Bitcoin Nashville Conference, signaling growing support for digital assets under the new administration. Meanwhile, Hong Kong’s Web3 Virtual Asset Development Subcommittee Chairman, Wu Jiezhuang, advocated adding Bitcoin to the city’s exchange fund to enhance financial security.
Potential impact of Switzerland’s decision
Switzerland’s formal registration of the Bitcoin initiative positions the country as a potential leader in adopting digital assets at a constitutional level. If successful, this move could set a precedent for other nations. Analysts have noted that Switzerland’s approach could influence global attitudes toward Bitcoin adoption in national reserves, especially as international discussions about the role of cryptocurrencies in financial systems continue to gain momentum. As Switzerland begins its 18-month signature collection process, the outcome will likely attract global attention, given its reputation for economic stability and innovation in finance.
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