The Swiss chancellery has approved the proposal to incorporate Bitcoin into national reserves
Initiative proposes amending the Swiss Constitution to enhance financial independence through the use of Bitcoin.
Switzerland’s Federal Chancellery has authorized the formal submission of the “Bitcoin Initiative,” a constitutional amendment that would mandate the Swiss National Bank to maintain a portion of its reserves in Bitcoin (BTC).
Currently, the measure is inching closer to a nationwide referendum and is being implemented in response to the increasing interest in sovereign adoption of the flagship asset.
On December 5, 2024, the initiative, which was officially named “For a Financially Strong, Sovereign, and Responsible Switzerland,” was submitted with the backing of prominent financial reformers and Bitcoin advocates.
The proposal aims to modify Article 99 of the Swiss Constitution to require the central bank to designate a portion of its reserves to Bitcoin in addition to gold. Proponents contend that the financial resilience and sovereignty of Switzerland could be improved by Bitcoin’s decentralized and deflationary principles.
The Swiss Federal Chancellery has verified that the initiative satisfies all legal requirements, including the accumulation of valid signatures and adherence to procedural formalities.
Viktor Rossi, the Federal Chancellor, declared: “The initiative has been confirmed to comply with the constitutional and legal framework for a federal popular initiative.”
Approval by the Federal Chancellery does not ensure the initiative’s implementation. It is now necessary for the Federal Assembly to evaluate it in order to determine its validity and compliance with Swiss law. Upon certification of sufficient signatures and the determination of validity, Swiss citizens will participate in a nationwide referendum to determine the measure’s viability.
Notable Bitcoin entrepreneurs and legal experts, including Luzius Meisser and Giw Zanganeh, are among the ten individuals who are leading the initiative. These advocates underscore the proposal’s capacity to enhance Switzerland’s financial independence by diversifying its monetary reserves.
Advocates of the Bitcoin Initiative regard it as a progressive measure that is consistent with Switzerland’s history of financial innovation.
Nevertheless, Bitcoin’s volatility is a source of concern for critics. They contend that the imposition of a requirement for central banks to own such assets could potentially undermine the stability that is the hallmark of Switzerland’s financial system, as it could be exposed to unpredictable market swings.
The initiative’s enactment would establish Switzerland as one of the first nations to constitutionally integrate cryptocurrency into its monetary policy. Although a referendum’s timeline has not yet been determined, it is anticipated that the measure will elicit a significant amount of discussion within the nation, which is renowned for its financial leadership and direct democracy.
