Source: bitcoinist
Compiled by: Blockchain Knight
A group of crypto asset advocates in Switzerland is urging the government to consider adding Bitcoin to national reserves.
The Swiss Federal Chancellery initiated the process to obtain the required number of signatures to push for an amendment to the country’s constitution to allow the Swiss National Bank to establish BTC holdings.
Ahead of its expiration in 2024, the Swiss Federal Chancellery has begun pushing for a proposal to include Crypto assets on the national balance sheet.
The state-run government agency said the proposal aims to amend certain articles of the (Swiss Federal Constitution) to allow the Swiss National Bank to purchase BTC as part of the European country’s national reserves.
After studying this prospect, the Swiss Federal Chancellery initiated the procedure for the Crypto Assets Initiative, stating that the proposal formally 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.'
This initiative requires collecting approximately 100,000 signatures from the Swiss public to promote the constitutional amendment, which will require the Swiss National Bank to include BTC as part of the national monetary reserves alongside gold.
The goal of the Swiss Federal Chancellery 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 country's Federal Constitution.
The initiative will add the following clause: to include 'National Bank' in the Swiss Federal Constitution, utilizing its own revenue to establish sufficient monetary reserves.
A portion of the reserves consists of gold and BTC, granting the Swiss National Bank the authority to purchase top digital assets as part of the national reserves.
Reports indicate that to achieve the constitutional amendment, crypto asset advocates must gain support from approximately 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 Swiss Federal Assembly for review.
The proposal was submitted by 10 Crypto asset advocates in Switzerland, aiming to urge the Swiss government to adopt BTC in its national reserves.
These advocates include Tether's Vice President of Energy and Mining Giw Zanganeh and 2B4CH founder Yves Bennaïm.
However, the Swiss National Bank remains conservative regarding crypto assets, fearing that the adoption of BTC by the central bank could pose risks.
Martin Schlegel, chairman of the Swiss National Bank Board, believes that BTC and other digital assets are still regarded as a 'niche phenomenon' and added that crypto assets have limitations due to their volatility and association with illegal activities.
