On December 31, the Swiss Federal Chancellery registered an initiative proposing the inclusion of Bitcoin in the National Bank's reserves, potentially leading to a public referendum.
The Proposal
A group of 10 Bitcoin advocates, including Giw Zanganeh, Tether's vice president of energy and mining, and Yves Bennaïm, founder of the Swiss Bitcoin think tank 2B4CH, has proposed an amendment to Article 99 Paragraph 3 of the Swiss Federal Constitution. This amendment would require the SNB to accumulate sufficient monetary reserves, including gold and Bitcoin, thus advancing Switzerland's financial sovereignty. To initiate a referendum, 100,000 valid signatures must be collected by June 30, 2026.
SNB’s Skepticism
Despite growing interest in cryptocurrencies, the Swiss National Bank, historically skeptical of such assets, poses a challenge to this proposal. Its chairman, Martin Schlegel, has recently expressed concerns about the volatility of Bitcoin and its use in illegal activities.
Global Initiatives Impact
The 2B4CH initiative revisits a similar proposal from 2021, delayed due to Bitcoin's novelty. Since then, global interest in digital currencies' role in national reserves has increased, as evidenced by countries like El Salvador, which has partnered with Lugano to promote Bitcoin adoption and established a 'Bitcoin office' in Switzerland.
The registration of the initiative highlights the growing interest in digital assets and underscores Switzerland's reputation as a hub for cryptocurrency innovation and adoption.
