Swiss lawmaker Samuel Kullmann has proposed a national Bitcoin reserve in the country. The Switzerland parliament member wants to push for a referendum that will include Bitcoin in the central bank’s financial reserve. However, the stumbling block remaining is that he needs 100,000 signatures to achieve it.
The lawmaker has been pushing the agenda for a while, mentioning it while addressing audiences at several venues. His arguments have pushed the crypto advocates in Switzerland to forward a proposal to include gold and Bitcoin in the Swiss National Bank’s financial reserve.
Swiss national bank Chair doubts BTC’s role in national reserve
The cryptocurrency noise in Switzerland has been getting louder over the last few days, but there are still reservations about incorporating it into the national reserve. Swiss National Bank Chair Martin Schlegel has warned about digital assets like Bitcoin and Ethereum, calling them niche phenomena.
He believes that the cash system plays a strong role in Switzerland’s payment system. In a November event organized in Brugg by Aargauische Kantonalbank, he commended the growth of digital assets, calling them remarkable. However, he stressed that these assets remain a phenomenon backed by a niche.
While he is yet to endorse or take a position on the assets, the president has warned about its volatility. According to Schlegel, the volatility causes its value to fluctuate, making it hard to use as a store of value. There have also been issues concerning the energy used to mine Bitcoin, and other illegal activities tied to the assets.
Bitcoin continues to cement a constitutional position
This call to add Bitcoin to the constitution is not the first in Switzerland, with the country’s Canton of Bern Parliament already having a brush with it. The parliament wants to use surplus energy for its Bitcoin mining and stabilize its electricity.
The Samuel Kullmann proposal has been looked into by several experts, with about five political parties supporting it on March 14. However, the proposal did not go down well, with the government vehemently against it. In the Grand Council vote, it passed decisively by 84 to 46 votes.
The cross-party initiative is making the government council relook at how Bitcoin mining can tap unused energy and create economic opportunities. The motion has given Samuel Kullmann the needed confidence that the proposal has a greater chance at success if it is taken to a referendum. If it is approved, Bitcoin could be added to the Swiss constitution.
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