The Swiss Federal Chancellery reported 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 approach seeks to modify article 99, paragraph 3, of the Swiss Constitution to include bitcoin, along with gold, as reserve assets. If the necessary support is achieved, this modification would place Switzerland as one of the first Western countries to officially recognize the invention of Satoshi Nakamoto as a component of its monetary policy, thus following the steps taken by El Salvador, which already accumulates 6,000 BTC as part of its National Treasury.
For the Swiss proposal to reach a national referendum, the collection of at least 100,000 signatures is required by June 30, 2026, as specified in the published document by the Federal Chancellery. This effort means mobilizing approximately 1.12% of the population to support the initiative, taking into account that more than 8.9 million people live in the country.
The signature collection campaign is now led by Yves Bennaïm, who is the founder of 2B4CH, a think tank that studies the socioeconomic 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 pointed out on social network X.
The text of the initiative was published on Tuesday in the Federal Gazette with the title “For a financially strong, sovereign and responsible Switzerland.” And, in it, proponents argue that bitcoin offers a decentralized alternative with a limited supply, which could protect Switzerland from inflation and reduce dependence of traditional currencies such as the US dollar.
After collecting signatures, the Federal Assembly will review the proposal for a referendum. If approved, Swiss citizens will decide at the polls 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 manages to pass 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 align with a recent global movement, as there are proposals in the United States, Brazil and Poland to follow the steps taken by El Salvador in 2021. The Central American country adopted bitcoin as part of its reserves in the year 2021.
Like El Salvador, Switzerland has the city of Lugano, in the southeast of the country, 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 highlights how this nation, known for its financial innovation, could once again lead the way in a new era of the digital economy.