Bitcoin initiative in Switzerland: Assessing the possibility of a central bank holding Bitcoin

• The Swiss Bitcoin Initiative aims to change the Swiss Constitution and allow the Swiss National Bank to hold Bitcoin. This step stands out as an important development towards the widespread adoption of cryptocurrencies.

• This proposal, submitted by Bitcoin advocates led by 2B4CH, aims to collect 100,000 signatures in Switzerland by June 30, 2026, and the collection of these signatures will trigger a public vote.

• As Yves Bennaïm stated: “We were waiting for the right moment. Now everything is falling into place”, emphasizes the strategic planning behind this proposal.

This article examines the recent Swiss Bitcoin initiative to authorize the Swiss National Bank to hold Bitcoin and its implications for cryptocurrency adoption.

Swiss Bitcoin Reserves Initiative: A Revolutionary Proposal

On December 31, 2023, an important proposal by the Swiss Federal Chancellor aimed to change the Swiss Federal Constitution, changing the country’s monetary policy. Bitcoin (BTC) he wants to strengthen it with his reserves. This initiative marks a critical turning point in the global cryptocurrency story, as it aims to institutionalize Bitcoin into the financial framework of a major economy. Proposal, Swiss National Bank (SNB) It reveals the necessity of holding some of its reserves in Bitcoin; This represents an important validation of the digital currency.

Background and motivation of the proposal

This proposal stems from the efforts of the Switzerland-based non-profit organization 2B4CH, founded by Yves Bennaïm. This organization has been fighting for this change since at least April 2023, demonstrating its commitment to integrating cryptocurrency into national financial practices. “This is about creating a financially sound, sovereign and responsible Switzerland,” says Giw Zanganeh, vice president of Tether. The impetus for this initiative is also supported by the interest of the United States and Brazil in exploring or establishing Bitcoin reserves.

Public support and signature collection process

For this initiative to successfully launch a plebiscite, supporters must rely on Switzerland’s population of approximately 8.92 million. 100,000 signatures should be collected. This corresponds to approximately 1.12% of the population and is a challenging but achievable target that underlines the importance of public support in shaping monetary policy. Supporters have until June 30, 2026 to collect these signatures, which will require an intensive community campaign across the country.

Challenges and criticisms

Despite enthusiastic support from Bitcoin supporters, the proposal faces challenges, particularly in terms of regulatory acceptance. SNB President Martin Schlegel expressed concern about the viability of Bitcoin as a valid payment method and the environmental impacts associated with Bitcoin mining. Critics argue that the integration of cryptocurrencies into the financial system could expose the Swiss economy to new types of fluctuations and risks.

Global context and comparative perspectives

The Swiss proposal parallels other global moves towards digital assets. For example, the United States is actively considering legislation that would allow the Treasury Department to hold Bitcoin. Brazil and Poland are also showing interest in creating national Bitcoin reserves. These developments mark the growing recognition of Bitcoin as a potentially stable asset in today’s financial environment.

Conclusion

This initiative by Swiss Bitcoin supporters to authorize the SNB to hold Bitcoin is a historic proposal that can set an example for other countries. If successful, the move could propel Switzerland to a leading position in cryptocurrency adoption and pave the way for similar initiatives around the world. As the campaign gathers momentum, the coming months will be crucial in determining whether Bitcoin becomes a key component of the nation’s financial infrastructure.