Switzerland, long known for its forward-thinking approach to finance and technology, is now considering an audacious Bitcoin proposal. The country plans to add Bitcoin (BTC) to its national reserves. Giw Zanganeh, Vice President of Energy and Mining at Tether, spearheads this initiative.
The proposal could lead to a historic shift in Switzerland’s financial landscape if successful. It could have significant implications for the Swiss financial system and the broader cryptocurrency world.
The Vision: A Bitcoin-Fueled Swiss National Bank
Zanganeh’s plan proposes changing Switzerland’s constitution to allow Bitcoin to be part of the Swiss National Bank’s (SNB) reserves. The SNB currently diversifies its reserves across various fiat currencies and gold. The bank has always seen gold as a safe investment, so it holds over 1,000 tonnes of it.
The country’s constitution, Article 99, Clause 3, mandates that part of its reserves must be held in gold. Zanganeh’s initiative proposes a small yet powerful change to this article, adding just a few words to allow Bitcoin as a reserve asset.
This inclusion would mirror the growing global interest in Bitcoin as a store of value and financial hedge. It could position Switzerland at the forefront of digital currency adoption at a national level.
Meanwhile, making Bitcoin part of Switzerland’s National Bank reserves won’t be easy. The proposal needs to collect 100,000 signatures from Swiss citizens by June 30. If it does, it will be reviewed by the Swiss Federal Assembly.
For this to happen, the proposal will need support from the public and political leaders in Switzerland.
A Previous Attempt and the Global Shift Toward Bitcoin
This is not the first time Switzerland has entertained the idea of integrating Bitcoin into its financial framework.
2B4CH, a crypto initiative group, tried a similar plan in October 2021, but it didn’t get enough support. Since then, the landscape has shifted dramatically.
The incoming U.S. government has also teased creating a Bitcoin reserve. Despite the ongoing controversy surrounding the idea, other countries are looking into it too. Recently, Christian Lindner, the former German finance minister, has suggested adding Bitcoin to Germany’s reserves. This also includes the European Central Bank’s reserves and those of Russia and Canada.
Switzerland’s Crypto-Friendly Legacy
Switzerland has long been a haven for crypto firms and investors. The country is prominent for its progressive stance on digital currencies. It has provided a welcoming environment for blockchain innovation.
Zug, one of Switzerland’s cantons, started experimenting with Bitcoin payments in 2016. This was years before the digital asset gained mainstream popularity. This new plan continues Switzerland’s crypto-friendly tradition, pushing for a new way to achieve financial stability.
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