Reports reveal that the Swiss Federal Chancellery has officially added the “Bitcoin Initiative” to its registry, aiming to integrate bitcoin into the Swiss National Bank’s reserves via a constitutional amendment.

Swiss Chancellery Registers ‘Bitcoin Initiative’

On Tuesday, Dec. 31, 2024, the Swiss Federal Chancellery confirmed its registration of the “Bitcoin Initiative.” This effort, spearheaded by Yves Bennaïm, founder of the nonprofit think tank 2B4CH, enjoys backing from Luzius Meisser of Bitcoin Suisse. Both proponents argue that incorporating bitcoin (BTC) into the central bank’s reserves could enhance Switzerland’s autonomy while shielding its economy from external forces like the European Central Bank (ECB).

Roughly a week prior, Dr. Paolo Pamini, a National Councillor at the Federal Assembly, announced that he and colleagues from other political parties had submitted a parliamentary inquiry to the Federal Council regarding Bitcoin and the Swiss National Bank. “We seek clarity on whether the Swiss National Bank has the legal framework to include Bitcoin as an asset to back the money supply, and what adjustments would be needed if it doesn’t,” he shared in a Linkedin post.

In a Tuesday post on X, a report shared that the Swiss Federal Chancellery has officially registered the initiative. If it meets the requirements laid out by the Swiss Federal Law on Political Rights, the effort could move ahead. With this step, the initiative now has a chance to progress, depending on the fulfillment of specific legal conditions. “Now that the initiative is officially registered, the committee behind the initiative has 18 months to collect at least 100,000 signatures from Swiss citizens eligible to vote,” the X account explained.

This update arrives amid lively discussions about strategic bitcoin reserves, with interest brewing among individual states, major nations, financial institutions, and central banks. As discussions surrounding strategic bitcoin reserves intensify, Switzerland’s move to pursue a constitutional amendment may set a precedent for other nations considering similar approaches. The outcome of this initiative and other schemes like it could influence global financial strategies, potentially reshaping the role of bitcoin in traditional financial (tradfi) systems.
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