Article reproduced from: Blockchain Knight
Source: bitcoinist
Translation: Blockchain Knight
A group of crypto asset advocates in Switzerland is urging the government to consider incorporating BTC into the national reserves.
The Swiss Federal Chancellery initiated this process to gather the required number of signatures to promote amending the national constitution to allow the Swiss National Bank to establish BTC holdings.
Before the expiration in 2024, the Swiss Federal Chancellery began promoting the proposal to incorporate crypto assets into the national balance sheet.
This state-owned government agency stated that the proposal aims to revise certain provisions of the (Swiss Federal Constitution) to allow the Swiss National Bank to purchase BTC as part of the national reserves of European countries.
After researching this prospect, the Swiss Federal Chancellery initiated the crypto asset initiative process, stating that the proposal officially meets legal requirements.
Government agencies stated on the Fedlex website: 'The initiative meets the conditions set forth 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 approximately 100,000 signatures from the Swiss public to promote a constitutional amendment that would require the Swiss central bank to hold BTC as part of the national currency reserves alongside gold.
The target 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 Federal Constitution.
The initiative will add the following provisions: to include 'national bank' in the Swiss Federal Constitution, utilizing its own revenue to establish sufficient monetary reserves.
Part of the reserves would consist of gold and BTC, granting the Swiss central bank the power to purchase top-tier digital assets as part of 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 about 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, aiming to urge the Swiss government to adopt BTC in its national reserves.
These advocates include Giw Zanganeh, Vice President of Tether Energy and Mining, as well as Yves Bennaïm, founder of 2B4CH.
However, the Swiss National Bank remains cautious about crypto assets, concerned that the adoption of BTC by the central bank could pose risks.
Martin Schlegel, Chairman of the Swiss National Bank's 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.
