Catenaa, Thursday, January 2, 2025 – A group of cryptocurrency advocates in Switzerland has launched an initiative aimed at requiring the Swiss National Bank (SNB) to hold bitcoin as part of its reserves, alongside gold.
The proposal was published Tuesday by the Swiss Federal Chancellery, setting the stage for a potential nationwide referendum. The Chancellery has approved the proposal.
The initiative, backed by 10 individuals, seeks to amend Swiss law to obligate the central bank to include bitcoin in its reserve assets.
Proponents now have 18 months to gather the 100,000 signatures needed to bring the issue to a public vote, a hallmark of Switzerland’s direct democracy system.
While the SNB has previously voiced skepticism toward cryptocurrencies, with its chairman warning last month of the risks associated with digital assets like bitcoin and ether, the proposal has reignited debate over the role of such currencies in national financial strategies.
Switzerland has a history of conducting referendums to decide changes in federal law, and this initiative could bring bitcoin closer to mainstream acceptance if it gains sufficient support.
Bitcoin’s proponents argue that incorporating the cryptocurrency into the SNB’s reserves could provide diversification and potential resilience against inflation. Critics, however, caution against the volatility and regulatory uncertainties tied to digital currencies.
While the proposal reflects the growing influence of cryptocurrencies in global financial discussions, as nations and central banks assess their place within traditional monetary systems.
In addition Switzerland is known for its financial expertise globally, particularly as a leading hub for banking and investment services. The country’s strong regulatory framework, combined with its commitment to privacy and security, has established it as a preferred destination for international finance and wealth management.
