Switzerland’s central bank is being urged by a group of Bitcoin supporters to include Bitcoin in its strategic reserves.
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A national referendum to amend Switzerland’s constitution to mandate that the central bank hold Bitcoin is being planned by the nonprofit organization 2B4CH.
Yves Bennaïm, the founder and chairman of 2B4CH, said that in an unpredictable international landscape, Switzerland would be able to preserve its political neutrality and sovereignty with this action.
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“We are finishing up the committee’s organizational setup and getting ready to submit the necessary paperwork to the State Chancellery to get things started,” Bennaïm said.
Under Switzerland’s direct democracy system, proponents need to gather 100,000 signatures from Swiss nationals in less than 18 months in order to hold a referendum. With 8.77 million people living in Switzerland, about 1.15% of the population must sign the petition. There were difficulties with this signature requirement when 2B4CH tried to hold a similar referendum in 2021.
The new campaign has the support of Luzius Meisser, President of Bitcoin Suisse, a cryptocurrency trading platform. “Switzerland would declare its independence from the European Central Bank by putting Bitcoin in its reserves. We would strengthen our neutrality with such a step,” Meisser stated.
Meisser thinks that implementing Bitcoin could bring billions to Switzerland; he had previously suggested that the SNB allocate more than $1 billion per month to BTC rather than German bonds. Thomas Jordan, the chair of the SNB, has resisted thus far, arguing that Bitcoin does not satisfy the reserve requirements.
Global supporters of bitcoin, like German politician Joana Cotar, have backed the campaign. She tweeted, “The popular initiative to force the National Bank to purchase Bitcoin is here.”
Switzerland might become the first nation in the West to hold reserves of Bitcoin if the move is successful. This is similar to how Bitcoin was first accepted as legal tender in El Salvador in 2021. Integrating Bitcoin, according to supporters, would diversify the SNB’s holdings and demonstrate Switzerland’s dedication to financial innovation.
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