A group of Bitcoin supporters in Switzerland is leading an effort to encourage the Swiss National Bank to add Bitcoin to its reserves via a constitutional vote.
Yves Bennaïm, head of the non-profit organization 2B4CH, emphasized the importance of including Bitcoin in the Swiss national bank’s reserves to preserve our country’s “independence and impartiality” amidst increasing global turmoil.
In an interview with Neue Zürcher Zeitung of Switzerland on the 20th of April, Bennaïm revealed that they were making the final preparations for the organizational structure and drafting essential papers to submit to the State Chancellery, initiating the referendum process.
To collect the necessary 100,000 signatures for the referendum, Swiss citizens have to gather these signatures within a time frame of 18 months. This was a challenge that prevented 2B4CH from submitting their application in October 2021.
During that period, the “Bitcoin Initiative” originally intended to add Bitcoin as a reserved currency in Article 99-3 of the Swiss Federal Constitution through the constitution.
With a total population of 8.77 million people in Switzerland, roughly 1 out of every 86 residents would need to sign the petition.
Luzius Meisser, head of Bitcoin Suisse and working with Bennaïm, expressed that incorporating Bitcoin would affirm Switzerland’s financial autonomy from the European Central Bank and strengthen its impartial stance.
On April 26, Meisser is set to speak with the Swiss National Bank for three minutes during a meeting. He intends to put forth the benefits of incorporating Bitcoin into the central bank’s holdings and is open to a detailed discussion on this topic.
In March 2022, he suggested the bank purchase $1.1 billion in Bitcoin each month instead of German bonds. However, this idea was rejected by Thomas Jordan, Chair of the Swiss National Bank, who stated in April 2022 that Bitcoin did not fulfill the requirements to be recognized as a reserve currency.
According to Meisser’s perspective, if the central bank had followed his advice in 2022, they would currently have an extra $32.9 billion in benefits. Moreover, he issued a warning that postponing this decision could result in increased acquisition costs due to other central banks entering the Bitcoin market.
Leon Curti, the research chief at Digital Asset Solutions, is optimistic that the latest authorizations of Bitcoin spot ETFs in the United States and Hong Kong might sway the Swiss National Bank’s viewpoint regarding Bitcoin investments.
International figures, including German politician and Bitcoin advocate Joana Cotar, have additionally expressed their backing for this endeavor. Notably, she is known for her criticism towards the European Union’s proposed digital currency.
At the same time, Switzerland’s push to include Bitcoin in its national reserves enhances its position as a leading nation for blockchain and cryptocurrency advancement. This is evident in the burgeoning growth of Crypto Valley, a prominent hub for web3 and blockchain technology in Switzerland.
In the year 2023, the combined worth of the top 50 cryptocurrency entities in Crypto Valley more than doubled, reaching an impressive $382.93 billion. Among these leading entities were the Cardano Foundation, Ethereum Foundation, Nexo, and Metaco – a custody solution that is part of Ripple‘s portfolio.
In December, Lugano City in southern Switzerland declared its plan to accept Bitcoin and other cryptocurrencies as tax payments. This move reaffirms Switzerland’s forward-thinking approach towards digital currencies.
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2024-04-22 12:18