Switzerland Takes Steps Towards Adding Bitcoin to National Reserves

A coalition of Swiss cryptocurrency advocates has initiated a proposal to include Bitcoin in the country’s national reserves. The initiative, dubbed ‘For a financially sound, sovereign and responsible Switzerland,’ aims to amend Article 99 Paragraph 3 of the Swiss Federal Constitution to incorporate Bitcoin alongside gold as part of the monetary reserves.

The Proposal’s Requirements

To advance the constitutional amendment, the coalition needs to gather 100,000 signatures within an 18-month window. With a population of approximately 8.9 million, this translates to 1.12% of Swiss citizens backing the petition. If successful, the proposal will proceed to the Swiss Federal Assembly for review.

Background and Preparations

A similar initiative was launched in 2021 by 2B4CH, but it was postponed due to timing concerns and lack of widespread support. This time, preparations appear more structured, with the team working on the organizational groundwork and necessary documentation since April 2024.

Regulatory Concerns and Crypto Adoption

While the Swiss National Bank remains cautious about cryptocurrencies, citing volatility, energy-intensive nature, and ties to illicit activities, the country has seen significant crypto adoption. The city of Lugano has adopted Bitcoin for tax payments, and the renowned ‘Crypto Valley’ in Zug is home to over 1,200 blockchain-focused companies.

Tips for Crypto Investors and Enthusiasts

  • Stay informed about regulatory developments and their impact on the cryptocurrency market.
  • Consider the potential benefits and risks of nation-states holding Bitcoin as part of their monetary reserves.
  • Explore the growing crypto adoption in countries like Switzerland and its implications for the global cryptocurrency market.

Switzerland’s crypto-friendly environment and ongoing efforts to include Bitcoin in national reserves demonstrate the country’s commitment to embracing the potential of cryptocurrencies and blockchain technology.

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