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A new proposal has been initiated to mandate the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves. This initiative, launched by a coalition of Bitcoin advocates, aims to gather 100,000 signatures from Swiss citizens by June 30, 2026, to trigger a public referendum.
Key Takeaways
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The proposal requires 100,000 signatures from Switzerland’s population of 8.92 million.
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It aims to amend Article 99 of the Swiss Federal Constitution to include Bitcoin in the SNB's reserves.
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The initiative is backed by prominent figures in the Bitcoin community, including Yves Bennaïm and Giw Zanganeh.
Proposal Overview
On December 31, the Swiss federal chancellery officially registered the proposal, which seeks to amend the Swiss Federal Constitution. The proposed amendment states:
"The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin."
This initiative is part of a broader movement to establish a financially sound and sovereign Switzerland, with Bitcoin playing a crucial role in the country’s monetary policy.
Background of the Initiative
The push for this proposal has been in the works since at least April, with the Swiss Bitcoin nonprofit think tank 2B4CH leading the charge. The group had previously attempted to submit a similar proposal in October 2021 but postponed it due to the timing not being favorable.
Yves Bennaïm, the founder of 2B4CH, expressed optimism about the current climate for Bitcoin adoption, stating, "We were waiting for the right timing. Now, everything is falling into place, and this is why we submitted the documents and will start collecting the signatures."
Signature Collection Process
To move forward, the advocates must collect the required 100,000 signatures within the next 18 months. This represents approximately 1.12% of the Swiss population, a challenging yet achievable target given the growing interest in cryptocurrencies.
Bitcoin Adoption in Switzerland
Switzerland has been at the forefront of cryptocurrency adoption, particularly in the Italian-speaking city of Lugano, where Bitcoin is widely accepted. The city hosts the annual “Plan ₿” Bitcoin conference and has around 260 merchants that accept Bitcoin, according to BTCMaps data.
Global Context
While Switzerland is taking significant steps toward Bitcoin adoption, other countries are also exploring similar initiatives. In the United States, a proposal backed by Senator Cynthia Lummis aims to establish a Bitcoin reserve held by the Treasury. Additionally, politicians in Brazil and Poland are considering the establishment of Bitcoin reserves as part of their national monetary strategies.
As the world watches Switzerland's bold move, the outcome of this proposal could set a precedent for other nations contemplating the integration of Bitcoin into their financial systems. The next few years will be crucial in determining whether the Swiss National Bank will officially embrace Bitcoin as part of its monetary policy.