Swiss Bitcoin Advocates Push for Inclusion of BTC in National Bank Reserves

A group of Swiss Bitcoin advocates is leading a campaign to convince the Swiss National Bank to add Bitcoin (BTC) to its reserves through a constitutional referendum.

Yves Bennaïm, head of the non-profit think tank 2B4CH, believes that integrating Bitcoin into the national bank’s reserves is crucial for Switzerland’s sovereignty and neutrality in the face of global instability.

The group is finalizing the organizational setup and drafting necessary documents to submit to the State Chancellery to start the referendum process. To move forward, they need to gather 100,000 signatures from Swiss citizens within 18 months.

Luzius Meisser, leader of the Bitcoin-centric trading platform Bitcoin Suisse, supports the initiative. He believes that adding Bitcoin to the central bank’s assets would confirm Switzerland’s financial independence from the European Central Bank and strengthen its neutral position.

Meisser is set to present the advantages of including Bitcoin to the Swiss National Bank on April 26. He previously proposed the bank to buy $1.1 billion in Bitcoin monthly, but the idea was rejected in April 2022. The Chair of the Swiss National Bank stated that Bitcoin did not meet the criteria to be considered a reserve currency.

Despite challenges, the initiative has gained support from international figures like Joana Cotar, a German politician and Bitcoin activist. Recent approvals of Bitcoin spot exchange-traded funds in the US and Hong Kong may also influence the Swiss National Bank’s stance on Bitcoin investment.

The push to include Bitcoin in Switzerland’s national reserves aligns with the country’s growing role as a hub for blockchain and crypto innovation. The Crypto Valley, a leading web3 and blockchain center in Switzerland, saw the value of its top 50 entities double to $382.93 billion in 2023.

Additionally, the city of Lugano in Southern Switzerland announced plans to accept Bitcoin and other cryptocurrencies for tax payments, showcasing the nation’s progressive approach to digital currencies.

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