Switzerland: Bitcoin Initiative Set In Motion as Group Urges Government to Add BTC to National Reserve

A group cryptocurrency advocates in Switzerland has urged the government to consider the addition of Bitcoin in the national reserve.

A group of cryptocurrency advocates in Switzerland have submitted a proposal to the government, urging them to consider adding Bitcoin to the country’s national reserve.

The proposal, known as the "Bitcoin Initiative," aims to amend the Swiss Federal Constitution to allow the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves.

The government has initiated the process to collect the required number of signatures to push for the constitutional amendment.

Before 2024 expires, the Swiss Federal Chancellery has begun the procedure for the proposal to include cryptocurrency in the country's balance sheet.

The state-run government agency announced that the proposal aims to revise certain provisions of the Swiss Federal Constitution to permit the SNB to purchase Bitcoin as part of the European country's national reserve.

After examining the prospect, the Swiss Federal Chancellery set in motion the process for the crypto Initiative, saying that the proposal formally satisfied the legal requirements.”

“For a financially sound, sovereign and responsible Switzerland (Bitcoin Initiative)” satisfies the conditions set out in Article 69 paragraph 2 of the Federal Act of 17 December 1976 on Political Rights,” the government body stated on the Fedlex website.

100,000 Signatures Needed

The Initiative needed to gather around 100,000 signatures from the Swiss public to push for the constitutional amendment that will require the country’s central bank to add BTC as part of the nation’s monetary reserve together with gold.

The Swiss Federal Chancellery aims to get the required number of signatures by June 30, 2026 to advance the proposal which seeks to amend Article 99 Paragraph 3 of the country’s federal constitution.

The initiative will add the clause: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin” in the Swiss Federal Constitution, giving the country’s central bank the authority to purchase the top digital asset for its national reserves.

Long Way To Go

Reports said that for the constitution amendment to happen, crypto advocates must get an estimated 1.12% of the Swiss population, or 8.92 million citizens, to back the petition.

Once the threshold has been met, the Bitcoin Initiative will be elevated to the country’s bicameral parliament, the Swiss Federal Assembly to undergo review.

The proposal was submitted by 10 cryptocurrency advocates in Switzerland to urge the Swiss government to adopt Bitcoin in its national reserves. Among these advocates are Tether Vice President of Energy and Mining Giw Zanganeh and 2B4CH founder Yves Bennaïm.

However, the Swiss National Bank remains to have a conservative stance regarding cryptocurrencies, worrying about the risk associated with adopting Bitcoin in the central bank.

Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, believed that Bitcoin and other digital assets are still considered a “niche phenomenon”, adding that cryptocurrencies have limitations brought by their volatility and association with illicit activities.