The National Bank of Switzerland might consider adding Bitcoin to its reserves in response to requests from a prominent Swiss Bitcoin community.
A Bitcoin advocacy group, headed by ’24BCH‘ in Switzerland, aims to instigate constitutional change through a public referendum. In order to progress with this initiative, the organization must secure the support of at least 100,000 local residents by collecting their signatures on a petition.
Yves Bennaïm, the founder and chairman of 2B4CH, stated that incorporating Bitcoin into a country’s central bank reserves could safeguard its independence and impartiality amidst growing uncertainty.
In October 2021, 2B4CH-led team made an effort to collect sufficient signatures for initiating a referendum but were unsuccessful. Currently, they are engaged in making a fresh attempt.
Bennaïm informed Neue Zürcher Zeitung on April 20th that we are currently finalizing the organizational arrangements for the committee and drafting the necessary papers to submit to the State Chancellery, initiating the procedure.
The Crypto Industry Evolution in Switzerland
According to Statista’s forecast, the value of the cryptocurrency market in Switzerland is predicted to expand at a steady annual rate of 5.76% between 2024 and 2028, reaching approximately US$648 million by 2028.
Switzerland is often referred to as the “Crypto Nation” because of its supportive regulatory environment and thriving local crypto industry.
Back in 2016, Zug City, famously called “Crypto Valley,” took the lead globally by adopting Bitcoin as a valid payment method, demonstrating one of the earliest embrace of cryptocurrencies and blockchain technology by a country.
In simpler terms, as cryptocurrencies gained popularity in the country, the government responded with regulations that were favorable to crypto and fintech industries. They established various regulatory sandboxes to foster the growth of these sectors.
In simple terms, the area encompassing Zug, Zurich, Lugano, and Geneva is known as Crypto Valley – a significant crypto hotspot in Europe. Home to around 1000 businesses, it boasts no less than nine unicorn companies.
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2024-04-22 13:08