Switzerland Takes a Step Closer to Embracing Bitcoin: A New Initiative Aims to Make BTC a Reserve Asset
Imagine a world where Bitcoin is not just a speculative investment, but a cornerstone of a nation’s monetary policy. That’s the vision of a group of Bitcoin advocates in Switzerland, who have just launched an initiative to make Bitcoin a reserve asset of the Swiss National Bank (SNB). This move could potentially pave the way for a public referendum and set a precedent for other countries to follow.
The Proposal: A New Era for Swiss Monetary Policy
The initiative, led by Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the Swiss Bitcoin think tank 2B4CH, seeks to amend the Swiss Federal Constitution. The proposed amendment to Article 99 Paragraph 3 would require the SNB to hold a portion of its monetary reserves in Bitcoin, alongside gold. Proponents argue that this move would promote a financially sound and sovereign Switzerland, better equipped to navigate the complexities of the modern financial landscape.
The Road to a Referendum: A Long Shot or a Turning Point?
To secure a referendum, the initiative needs to collect 100,000 valid signatures from Swiss citizens by June 30, 2026. This may seem like a daunting task, but it represents only about 1.12% of Switzerland’s population. If the threshold is met, Swiss citizens will have the opportunity to vote on the proposal through the country’s direct democratic process. This could be a turning point for Bitcoin adoption in Switzerland and beyond.
A Renewed Effort: Building on Global Momentum
This initiative is not the first of its kind. 2B4CH had initially proposed a similar amendment in October 2021, but postponed it due to Bitcoin’s relative novelty as a strategic national asset at the time. Since then, the global dialogue on Bitcoin’s role in national reserves has gained traction, with countries like El Salvador leading the way. In fact, El Salvador partnered with Lugano, Switzerland, in October 2022 to promote Bitcoin adoption across Europe.
The SNB’s Skepticism: A Hurdle to Overcome
Despite the growing interest in Bitcoin, the SNB has historically been skeptical of cryptocurrencies. Chairman Martin Schlegel has expressed concerns about the high volatility of assets like Bitcoin and Ether, as well as their connection to illegal activities and regulatory complexities. However, the initiative’s registration is a significant milestone, reflecting a growing interest in integrating digital assets into traditional financial systems.
What’s Next?
The outcome of this initiative is far from certain, but one thing is clear: Switzerland is once again at the forefront of cryptocurrency innovation and adoption. As the world watches, one question remains: will Switzerland become the first country to make Bitcoin a reserve asset, and what implications will this have for the future of finance?
Share your thoughts: Do you think Switzerland will succeed in making Bitcoin a reserve asset, and what do you think this could mean for the future of cryptocurrency adoption?
Source: Cryptopotato.com
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