A significant proposal has been initiated to amend the Swiss Federal Constitution, requiring the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet. The deadline to gather 100,000 signatures from the public is set for June 30, 2026.
The Background
This initiative was set in motion by the Swiss Federal Chancellery on December 31, 2023. It is spearheaded by the nonprofit think tank 2B4CH, founded by Yves Bennaïm, along with Tether’s vice president of energy and mining, Giw Zanganeh.
The Proposed Amendment
The proposed amendment targets Article 99, Paragraph 3 of the Swiss Constitution. It suggests that the National Bank build up monetary reserves that include both gold and Bitcoin. This move follows an unsuccessful attempt to submit a similar proposal in October 2021. During this time, the notion of state-level Bitcoin holdings was still gaining traction.
The Significance
To achieve the constitutional amendment, advocates must secure approximately 1.12% of Switzerland’s population, totaling around 8.92 million residents. This effort comes amid growing discussions around Bitcoin adoption worldwide. Politicians in Brazil and Poland have shown interest in Bitcoin, as well as a notable proposal in the United States to establish a Bitcoin reserve under the Treasury.
Concerns and Controversies
Despite the push for Bitcoin integration, the SNB’s Chair, Martin Schlegel, has previously raised concerns regarding the crypto environmental impact and its viability as a payment method. However, Bitcoin has already seen significant acceptance in regions like Lugano, where around 260 merchants currently accept it.
The Road to Success
The campaign’s success hinges on the ability to mobilize support within the next 18 months. This marks a crucial period for Bitcoin advocates in Switzerland.
The Campaign’s Objective
The objective of this proposal is clear: to make Bitcoin an integral part of Switzerland’s monetary reserves. By doing so, it aims to provide stability and security to the country’s economy.
Challenges Ahead
However, there are several challenges that lie ahead for the proponents of this initiative. The SNB’s concerns regarding the environmental impact of Bitcoin must be addressed. Furthermore, the viability of Bitcoin as a payment method remains uncertain.
Growing Interest in Bitcoin Adoption
Despite these challenges, the interest in Bitcoin adoption worldwide is growing rapidly. Politicians from various countries are now considering incorporating Bitcoin into their national reserves.
The Swiss Context
Switzerland has a history of being open to innovation and embracing new technologies. This proposal aligns with the country’s vision for the future: to become a leader in digital assets and blockchain technology.
Lugano’s Success Story
One region that has already seen significant success with Bitcoin adoption is Lugano. Around 260 merchants currently accept it, showcasing its potential as a viable payment method.
The Role of 2B4CH
The nonprofit think tank 2B4CH plays a crucial role in spearheading this initiative. Its co-founders, Yves Bennaïm and Giw Zanganeh, are committed to making Bitcoin an integral part of Switzerland’s economy.
Tether’s Support
Tether, a leading cryptocurrency stablecoin provider, has expressed support for this proposal. Its vice president of energy and mining, Giw Zanganeh, is also one of the co-founders of 2B4CH.
The Way Forward
As the deadline to gather signatures approaches (June 30, 2026), it’s essential that advocates mobilize support within the next 18 months. This will determine whether Switzerland becomes a leader in Bitcoin adoption or falls short.
Conclusion
In conclusion, this proposal has the potential to revolutionize the way Switzerland views digital assets and blockchain technology. Its success hinges on the ability to address concerns regarding the environmental impact of Bitcoin and its viability as a payment method.
Timeline
- December 31, 2023: The Swiss Federal Chancellery initiates the proposal.
- June 30, 2026: Deadline to gather 100,000 signatures from the public.
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