Swiss National Bank Will Adopt Bitcoin (BTC) As A State Reserve Asset, Is That True?

Bittime - In the latest development, a proposal would require the Swiss National Bank to hold Bitcoin (BTC) now collecting signatures. Giw Zanganeh, Vice President of Energy and Mining at giant stablecoin issuer Tether, who helped create the initiative, said the proposal needs 100,000 signatures from Swiss citizens to be put to a public referendum.

Zanganeh's Plan for Bitcoin on the Balance Sheet of the Swiss National Bank

Zanganeh stated, "Today we officially launch the popular initiative to add Bitcoin to the Swiss National Bank's balance sheet. We will need the full support of our community to collect 100K signatures and make it a national referendum. Details to come..."

X's official account for the initiative also announced that the signature collection phase has begun and must reach the 100,000 mark by June 30.

Bitcoin Adoption in Switzerland and Global Developments

Switzerland has been a pioneer in Bitcoin adoption, especially in the city of Lugano where Tether's "Plan B" initiative has erected a statue of BTC's anonymous creator, Satoshi Nakamoto. Talk of a potential Bitcoin reserve in Switzerland mirrors developments in the US, where President-elect Donald Trump has reportedly discussed the concept with industry players, and Senator Cynthia Lummis has repeatedly called for a BTC reserve to pay off the nation's debt.

Read too How to Buy Bitcoin (BTC)

Strategic Objectives of Bitcoin Adoption in Switzerland

Lummis stated in December, "To be clear, the 'strategic' goal of the Bitcoin Strategic Reserve is to: explicitly, strategically, pay off the government debt that burdens every American. Put future generations in a better position, unencumbered by that debt they never supported or took advantage of..."

Constitutional Amendment Proposal for Bitcoin in Switzerland?

According to Reuters, Switzerland is getting closer to possibly making history with its decision to adopt Bitcoin. A constitutional amendment, “For a Financially Strong, Sovereign and Responsible Switzerland,” was proposed to force the Swiss National Bank to invest part of its reserves in Bitcoin, along with gold. The Swiss Federal Chancellery has verified that the proposal meets all legal requirements, such as collecting valid signatures and following proper procedures.

Backed by cryptocurrency advocates and financial reformers, the initiative aims to amend Article 99 of the Swiss Constitution. 

Proponents say that decentralized and deflationary Bitcoin adds value to Switzerland's financial stability and sovereignty.

Global Trends and Their Relationship to the Attitude of the Swiss National Bank

The Swiss National Bank has previously been cold towards Bitcoin. The central bank chairman recently commented on his concerns about cryptocurrencies, including Bitcoin and Ethereum. The move is part of a larger trend of states considering Bitcoin reserves. 

Ohio introduced legislation adding Bitcoin to its treasury reserves not long ago, joining Texas and Pennsylvania in the effort. Companies like MicroStrategy and Metaplanet have also increased their Bitcoin reserves.

Read too How many Rupiah is 1 Bitcoin? Don't be surprised, this is the value!

Conclusion

With this initiative, Switzerland could potentially become the first country to officially adopt Bitcoin as a reserve asset, marking a significant step in the evolution of cryptocurrencies at the country level.

FAQ on Bitcoin Adoption by the Swiss National Bank

1. What is the aim of the proposal to adopt Bitcoin by the Swiss National Bank?

This proposal aims to force the Swiss National Bank to hold Bitcoin as part of the country's reserves, along with gold. This initiative is expected to increase the financial stability and sovereignty of Switzerland by taking advantage of the decentralized and deflationary properties of Bitcoin.

2. How many signatures are needed to bring this proposal to a referendum?

The proposal requires 100,000 signatures from Swiss citizens within 18 months to be submitted to a public referendum. Signature collection has begun and must reach that number by June 30.

3. What impact will the adoption of Bitcoin as a reserve asset have for Switzerland?

If adopted, this move could make Switzerland the first country to officially recognize Bitcoin as a reserve asset. This could influence the country's financial policy and provide an example for other countries considering the use of cryptocurrencies in their reserves.

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Reference

Alex Richardson, New Proposal To Mandate Swiss National Bank To Hold Bitcoin on Balance Sheet Set in Motion, Accessed January 2, 2025

Harold, Swiss National Bank Proposed to Accept Bitcoin as Reserve Asset, Accessed January 2, 2025

Author: IN