New Proposal Seeks to Mandate Swiss National Bank to Add Bitcoin to Reserve
A new proposal to constitutionally require the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves has been initiated by the Swiss federal chancellery.
The proposal, led by Giw Zanganeh, Tether’s vice president of Energy and Mining, and Yves Bennaïm, founder of the Swiss Bitcoin nonprofit think tank 2B4CH, was officially registered in Switzerland’s Federal Gazette on December 31.
It requires 100,000 signatures to qualify for a public referendum.
-the-initiative”>Bitcoin Advocates Promote the Initiative
Eight other Bitcoin advocates joined forces to promote this initiative, which seeks to amend Article 99 Paragraph 3 of the Swiss Federal Constitution.
The amendment would mandate the SNB to hold part of its monetary reserves in Bitcoin alongside gold.
The proposal, submitted on December 5, represents years of preparation. 2B4CH originally planned to file a similar initiative in 2021 but postponed it, anticipating a more favorable environment for the concept of a nation-state holding Bitcoin. “
The Bitcoin advocates now have until June 30, 2026, to gather the necessary signatures—approximately 1.12% of Switzerland’s 8.92 million residents.
If successful, the initiative would go to a national referendum.
While Bitcoin adoption is growing in Switzerland, particularly in Lugano, where around 260 merchants accept BTC, the initiative faces skepticism.
Today we officially launched the popular initiative to add #Bitcoin to the @SNB_BNS Swiss National Bank’s balance sheet. https://t.co/Y40yh9pW3X
We will need the full support of our community to gather 100k signatures and make this a national referendum. Details will follow…
— Giw Zanganeh (@gzanganeh) December 31, 2024
SNB Chair Martin Schlegel recently voiced concerns about Bitcoin’s energy consumption and its viability as a payment method.
Globally, the idea of governments holding Bitcoin is gaining traction.
The U.S. is considering a Bitcoin reserve bill, championed by Senator Cynthia Lummis, which would place Bitcoin under Treasury management.
Politicians in Brazil and Poland have also expressed interest in creating Bitcoin reserves.
As reported, Hong Kong legislator Wu Jiexhuang has also proposed leveraging the city’s “one country, two systems” framework to include Bitcoin in its national reserves, aiming to bolster financial security.
U.S. States Consider Adding Bitcoin to Treasury Reserves
It is worth noting that U.S. states are also beginning to explore the inclusion of Bitcoin in their reserves.
As reported, Ohio is the latest state to join this movement, with House Republican leader Derek Merrin introducing a bill aimed at adding Bitcoin to the state’s treasury reserves.
This initiative aligns with recent efforts by Texas and Pennsylvania to establish Bitcoin reserves.
On December 12, 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller maintain Bitcoin as a reserve asset for at least five years.
Similarly, Pennsylvania made strides in November with Representative Mike Cabell’s proposal to allocate up to 10% of the state treasury’s balance sheet to Bitcoin.
Beyond state governments, corporate players are also expanding their Bitcoin holdings.
MicroStrategy and Metaplanet, both well-known corporate Bitcoin holders, have increased their reserves significantly.
Additionally, MARA Holdings (MARA) announced on December 10 that it had acquired 11,774 BTC, further bolstering its position in the market.
Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further.
Source: cryptonews.com
