Switzerland’s Federal Chancellery approved the formal submission of the “Bitcoin Initiative.” This proposal aims to amend the constitution, requiring the Swiss National Bank to hold part of its reserves in Bitcoin (BTC). The initiative brings the country closer to a nationwide referendum and reflects growing interest in sovereign Bitcoin adoption.
The Bitcoin Initiative: A Financial Reform Proposal
The initiative, titled “For a Financially Strong, Sovereign, and Responsible Switzerland,” was submitted on December 5, 2024. Prominent Bitcoin advocates and financial reformers strongly support the proposal. It seeks to amend Article 99 of the Swiss Constitution, mandating the central bank to add Bitcoin to its reserves alongside gold.
Proponents believe Bitcoin’s decentralized and deflationary nature can enhance Switzerland’s financial stability. Additionally, they argue this move would strengthen the nation’s monetary independence.
Legal Approval and Next Steps
The Swiss Federal Chancellery verified that the proposal met all legal requirements. These included validating signatures and following proper procedures.
Federal Chancellor Viktor Rossi stated:
“The initiative adheres to the constitutional and legal framework for a federal popular initiative.”
Although the Chancellery approved the proposal, the Federal Assembly must now assess its validity and alignment with Swiss law. If approved, it will proceed to a nationwide referendum.
The initiative has the backing of ten prominent individuals. These include Bitcoin entrepreneurs and legal experts like Luzius Meisser and Giw Zanganeh. Advocates highlight the proposal’s potential to diversify reserves and boost financial independence.
Debate: Supporters vs. Critics
Supporters view the initiative as an innovative step aligned with Switzerland’s tradition of financial leadership. They believe integrating Bitcoin could safeguard the financial system against global uncertainties.
Critics, on the other hand, warn of Bitcoin’s volatility. They argue that requiring central banks to hold such assets might destabilize Switzerland’s financial framework.
A Step Toward Cryptocurrency Integration
If voters approve the initiative, Switzerland will become one of the first countries to constitutionally integrate cryptocurrency into monetary policy. Although the referendum date remains unconfirmed, the proposal is already sparking significant debate.
A successful vote could inspire central banks worldwide to adopt digital assets and modernize their reserve strategies.
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