A coalition of cryptocurrency proponents in Switzerland has called on the government to contemplate incorporating Bitcoin into the national reserves.
The Swiss Federal Chancellery has started the process to collect the necessary signatures to advocate for a change to the nation’s constitution, which would enable the Swiss National Bank to establish Bitcoin holdings.
Initiative for Bitcoin Launched
As 2024 was drawing to a close, the Swiss Federal Chancellery initiated the process to propose the inclusion of cryptocurrency as part of the country’s financial resources.
The government agency announced that the proposal aims to modify specific sections of the Swiss Federal Constitution, allowing the Swiss National Bank to acquire Bitcoin as part of the national reserve of the European nation.
Swiss central bank faces call to hold #bitcoin in reserveshttps://t.co/o7qO7fBnEi
— Gunther Schnabl (@GuntherSchnabl) January 1, 2025
After assessing the proposal, the Swiss Federal Chancellery confirmed that it met the necessary legal standards to progress with the crypto initiative.
According to the government body, “For a financially sound, sovereign and responsible Switzerland (Bitcoin Initiative)” fulfills the requirements specified in Article 69, paragraph 2 of the Federal Act of 17 December 1976 concerning Political Rights,” as stated on the Fedlex website.
Need for 100,000 Signatures
The initiative must gather around 100,000 signatures from Swiss citizens to facilitate an amendment to the constitution that would require the national bank to integrate BTC into the nation’s monetary reserves alongside gold.
The Swiss Federal Chancellery aims to gather the required signatures by June 30, 2026, to proceed with the amendment of Article 99, Paragraph 3 of the federal constitution.
This initiative will introduce the provision: “The National Bank establishes sufficient monetary reserves from its own earnings; a portion of these reserves consists of gold and Bitcoin,” thus granting the national bank the ability to procure the leading digital asset for its reserves.
Extensive Journey Ahead
According to reports, for the constitutional amendment to advance, supporters of the cryptocurrency must enlist the backing of about 1.12% of the Swiss population, equivalent to approximately 8.92 million individuals.
Once this target is reached, the Bitcoin Initiative will proceed to the Swiss Federal Assembly, the bicameral parliament, for examination.
The proposal was submitted by a group of ten cryptocurrency supporters in Switzerland, including Tether Vice President of Energy and Mining Giw Zanganeh and 2B4CH founder Yves Bennaïm, to encourage the Swiss government to adopt Bitcoin in its reserves.
However, the Swiss National Bank maintains a cautious approach concerning cryptocurrencies, primarily due to the potential risks associated with integrating Bitcoin into its operations.
Martin Schlegel, the Chairman of the Governing Board of the Swiss National Bank, remarked that Bitcoin and other digital currencies are still viewed as a “niche phenomenon,” citing their volatility and their links to illegal activities as major concerns.
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