The Swiss Federal Chancellery announced on December 31, 2024 that it has formally accepted a popular initiative seeking the inclusion of bitcoin (BTC) in the reserves of the Swiss National Bank (SNB). This proposal, promoted by a group of digital currency advocates, aims to strengthen the independence and financial stability of the Central European country.
The proposal seeks to amend Article 99, paragraph 3, of the Swiss Constitution to include bitcoin, along with gold, as reserve assets. If the necessary support is obtained, this amendment would make Switzerland one of the first Western countries to officially recognize Satoshi Nakamoto's invention as a component of its monetary policy, thus following in the footsteps of El Salvador, which already has 6,000 BTC as part of its National Treasury.
In order for the Swiss proposal to be put to a national referendum, at least 100,000 signatures must be collected by June 30, 2026, as specified in the document published by the Federal Chancellery. This effort means mobilizing approximately 1.12% of the population to support the initiative, given that more than 8.9 million people live in the country.
The petition is now led by Yves Bennaïm, founder of 2B4CH, a think tank that studies the socio-economic impact of bitcoin. Among the proponents of the proposal is also Giw Zanganeh, vice president of energy and mining at Tether, among other bitcoiners. “History is being written,” Bennaïm noted on social network X.
The text of the initiative was published in the Federal Gazette on Tuesday under the title “For a financially strong, sovereign and responsible Switzerland.” In it, proponents argue that bitcoin offers a decentralized, limited-supply alternative that could protect Switzerland from inflation and reduce dependence on traditional currencies like the U.S. dollar.
Following the collection of signatures, the Federal Assembly will consider the proposal for a referendum. If approved, Swiss citizens will decide at the ballot box the role of Bitcoin in their national economy, which could set a global precedent in the area of financial and monetary policies.
If the initiative makes it through the referendum, it could not only influence Swiss economic policy, but also inspire other European nations to consider the pioneering digital currency in their reserves.
Proposals such as the one emerging in Switzerland are in line with a recent global movement, as there are proposals in the United States, Brazil, and Poland to follow in the footsteps of El Salvador in 2021. The Central American country adopted bitcoin as part of its reserves in 2021.
Like El Salvador, Switzerland is home to the southeastern city of Lugano, where bitcoin is legal tender. And if the proposal to include the digital currency as part of the country's national reserves is approved, it underscores how this nation, known for its financial innovation, could once again lead the way in a new era of the digital economy.
