Source: bitcoinist
Compilation: Blockchain Knight
A group of Crypto Asset advocates in Switzerland is urging the government to consider including BTC in the national reserves.
The Federal Chancellery of Switzerland initiated this procedure to obtain the required number of signatures to promote the amendment of the national constitution, allowing the Swiss National Bank to establish BTC holdings.
Before the expiration in 2024, the Federal Chancellery of Switzerland began to promote the proposal to include Crypto Assets in the national balance sheet.
This state-owned government agency indicated that the proposal aims to amend certain provisions of the Swiss Federal Constitution, allowing the Swiss National Bank to purchase BTC as part of the national reserves of European countries.
After researching this prospect, the Federal Chancellery of Switzerland initiated the procedure for the Crypto Asset Initiative, stating that the proposal officially meets legal requirements.
Government agencies stated on the Fedlex website: 'This initiative meets the conditions set out in Article 69, Paragraph 2 of the Federal Political Rights Act of December 17, 1976. The aim is to establish a financially sound, sovereign, and responsible Switzerland.'
The initiative requires collecting about 100,000 signatures from the Swiss public to promote the constitutional amendment, which will require the Swiss central bank to hold BTC alongside gold as part of the national monetary reserves.
The goal of the Federal Chancellery of Switzerland is to obtain the required number of signatures by June 30, 2026, to advance the proposal aimed at amending Article 99, Paragraph 3 of the Federal Constitution.
The initiative will add the following clause: to include 'National Bank' in the Swiss Federal Constitution, enabling it to establish sufficient monetary reserves using its own income.
Part of these reserves will consist of gold and BTC, granting the Swiss central bank the power to purchase top-tier digital assets as part of the national reserves.
Reports indicate that to achieve the constitutional amendment, Crypto Asset advocates must gather support from about 1.12% of the Swiss population, or 890,000 citizens. Once this threshold is reached, the initiative will be submitted to the Swiss bicameral parliament—the Federal Assembly of Switzerland for review.
The proposal was submitted by ten Crypto Asset advocates from Switzerland, aimed at urging the Swiss government to adopt BTC in its national reserves.
These advocates include Giw Zanganeh, Vice President of Tether Energy and Mining, and Yves Bennaïm, founder of 2B4CH.
However, the Swiss National Bank maintains a conservative stance on Crypto Assets, fearing that the adoption of BTC by the central bank would pose risks.
Martin Schlegel, Chairman of the Swiss National Bank Governing Board, believes that BTC and other digital assets are still viewed as a 'niche phenomenon,' adding that Crypto Assets have limitations due to their volatility and association with illegal activities.
