Again…a proposal to oblige the Swiss National Bank to own Bitcoin

The Swiss Chancellery has initiated a proposal to add Bitcoin to the Swiss national reserves.

This came after a proposal was put forward to amend the Swiss Federal Constitution, to oblige the Swiss National Bank (SNB) to include Bitcoin in its balance sheet.

The Swiss Federal Chancellery launched this initiative on December 31, 2023, led by the non-profit research center 2B4CH, and founded by Yves Benaim, with the participation of Gio Zanganeh, Vice President of Tether Energy and Mining.

This comes in a step aimed at strengthening Bitcoin’s position in the Swiss financial system, as a proposal was submitted to amend the Federal Constitution to oblige the Swiss National Bank (SNB) to include Bitcoin as part of its reserves.

June 30 of next year, 2026, has been set as a deadline to collect 100,000 supportive signatures from citizens to achieve that goal.

This proposal seeks to amend Article 99, specifically paragraph 3, of the Swiss Constitution, so that it stipulates that the National Bank’s reserves include both gold and Bitcoin.

Historical background

The proposal comes after a similar attempt in October 2021 was unsuccessful, as the idea of ​​nationwide Bitcoin adoption was still in its early stages.

To achieve this constitutional amendment, supporters need to collect signatures representing about 1.12% of the Swiss population, or about 100,000 signatures out of a total population of 8.92 million people.

Global context

The move reflects growing global discussions about integrating Bitcoin into national financial systems.

These discussions include interest from politicians from countries such as Brazil and Poland, along with a US proposal to create a Bitcoin reserve under the supervision of the Treasury Department.

Challenges and situations

Despite the enthusiasm of supporters, the head of the Swiss National Bank, Martin Schlegel, expressed concerns about the environmental impact of Bitcoin and its suitability as a means of payment.

However, the cryptocurrency has seen increasing acceptance in Switzerland, especially in the city of Lugano, where around 260 merchants adopt Bitcoin as a means of payment.

Future aspirations

The initiative’s success depends on the ability to gather sufficient public support over the next 18 months, representing a crucial opportunity for Bitcoin advocates to assert the cryptocurrency’s role in the Swiss economy.