A groundbreaking proposal aiming to constitutionally mandate the Swiss National Bank (SNB) to hold Bitcoin as part of its reserves has officially been launched. The initiative, spearheaded by a coalition of Bitcoin advocates, including Tether's Vice President of Energy and Mining Giw Zanganeh and Yves Bennaïm, founder of Swiss Bitcoin think tank 2B4CH, marks a pivotal moment for Bitcoin adoption in Switzerland, according to Cointelegraph.
Key Details of the Proposal
Constitutional Amendment:
The proposal seeks to amend Article 99 Paragraph 3 of the Swiss Federal Constitution to read:
“The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”
Signature Collection:
To proceed to a public referendum, the proposal requires 100,000 signatures from Switzerland’s population of 8.92 million by June 30, 2026. This represents approximately 1.12% of the population.
Timing and Preparation:
After an initial delay in 2021, advocates strategically timed the launch, with Yves Bennaïm stating, “Now, everything is falling into place.”
Community and Adoption:
Bitcoin already has a strong foothold in Switzerland, particularly in Lugano, where around 260 merchants accept BTC, further solidifying its relevance in the country's financial ecosystem.
Implications and Challenges
Energy Concerns:
SNB Chair Martin Schlegel has raised concerns over Bitcoin’s energy consumption and its utility as a payment system.
Global Context:
The proposal aligns with a growing global interest in Bitcoin reserves, with countries like the United States, Brazil, and Poland also considering similar measures.
Next Steps
The proposal has been officially registered in Switzerland’s Federal Gazette as of December 31, 2024, and the signature collection process will commence immediately. Should the required threshold be met, the initiative will move to a public referendum, offering citizens a chance to make history by integrating Bitcoin into the nation's monetary reserves.
As Switzerland positions itself at the forefront of innovation, this proposal could redefine its financial sovereignty and set a global precedent for Bitcoin adoption.
