• Switzerland's push to add Bitcoin to its constitution could reshape its financial landscape, bringing Bitcoin closer to mainstream adoption.

  • Samuel Kullmann wants to raise Bitcoin's legal status and educate legislators by proposing to include it in the Swiss constitution.

  • Switzerland's growing Bitcoin ecosystem, especially in Lugano, paves the way for wider adoption of Bitcoin in the country.

The CEO of SatoshiActFund Dennis Porter on X shared news about Switzerland’s ongoing efforts to integrate Bitcoin into its legal framework. In 2024, Porter participated in a panel alongside Samuel Kullmann, a Swiss legislator who is championing the cause. 

Kullmann revealed his initiative to add Bitcoin to the Swiss constitution. Within 18 months, this plan aims to get 100,000 signatures. Compelling Swiss cantons to vote on incorporating Bitcoin into the constitution is the aim. Though challenging, this effort could advance Bitcoin’s recognition in the country.

A Bold Proposal to Change Swiss Law

Ten proponents and supporters of cryptocurrencies are behind the push to include Bitcoin in the Swiss constitution. In addition to more conventional assets like gold, it suggests that the Swiss National Bank (SNB) has some Bitcoin in its reserves. 

With eighteen months to collect the required number of signatures, this project is already underway. If successful, the proposal will move to a public referendum. As Switzerland regularly holds such referendums, the country’s citizens will have a direct say in the matter.

The SNB is still dubious about Bitcoin. Martin Schlegel, its chairman, has voiced worries regarding the usage of cryptocurrencies for payments as well as the effects of their energy consumption on the environment. Notwithstanding these misgivings, the Swiss public will be given a chance to voice their opinions.

Switzerland’s Growing Bitcoin Ecosystem

In Switzerland, the use of Bitcoin is already progressing, particularly in Lugano, a city that speaks Italian. Bitcoin is promoted as a payment alternative through the city's "Plan ₿" initiative. About 260 local merchants accept Bitcoin, helping to create a thriving Bitcoin ecosystem. Additionally, Lugano hosts the annual “Plan ₿” Bitcoin conference, drawing crypto enthusiasts from around the world.

This momentum could influence the Swiss people’s attitude toward the proposal. The endeavor might establish a precedent for other nations, such as the United States, which is also thinking about establishing Bitcoin reserves, if it is successful. Brazil, Poland, and other countries are also investigating similar concepts.

The post Lawmaker Samuel Kullmann Leads Effort to Make Bitcoin Part of Swiss Constitution appeared first on Crypto News Land.

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