The Swiss Federal Chancellery registered a new initiative on December 31, proposing that the Swiss National Bank hold Bitcoin as part of its reserves, potentially setting the stage for a public referendum.<\/p>\n
The initiative, spearheaded by a group of 10 Bitcoin advocates, including Giw Zanganeh, who happens to be Tether\u2019s vice president of energy and mining, and Yves Benna\u00efm, founder of the Swiss Bitcoin think tank 2B4CH, seeks to amend the Swiss Federal Constitution.<\/p>\n
The proposed amendment to Article 99 Paragraph 3 would require the SNB to build sufficient monetary reserves from its own earnings, with part of them consisting of gold and Bitcoin. Advocates for the initiative argue that incorporating BTC into the nation\u2019s monetary framework would promote a financially sound and sovereign Switzerland.<\/p>\n
According to the official document<\/a>, the process to secure a referendum requires the collection of 100,000 valid signatures from Swiss citizens by June 30, 2026. This represents approximately 1.12% of Switzerland\u2019s population of 8.92 million. If the threshold is met, Swiss citizens will vote on the proposal through the country\u2019s direct democratic process.<\/p>\n The initiative is a renewed effort by 2B4CH, which had initially postponed a similar proposal<\/a> in October 2021 due to Bitcoin\u2019s relative novelty as a strategic national asset at the time. Since then, the global dialogue on Bitcoin\u2019s role in national reserves has gained traction, bolstering the case for its inclusion.<\/p>\n Additionally, El Salvador, the first country in the world to use Bitcoin as legal tender,\u00a0partnered<\/a> with Lugano, Switzerland, in October 2022 to promote Bitcoin adoption across Europe.\u00a0As part of the deal, the Central American country even opened a \u201cBitcoin office\u201d staffed by an Honorary Consul dedicated to this mission.<\/p>\n Despite the momentum<\/a> that has stemmed from public and global interest, the proposal faces an uphill battle. It is important to note that the SNB has historically been skeptical of cryptocurrencies.<\/p>\n In fact, the central bank\u2019s chairman Chairman, Martin Schlegel, recently\u00a0expressed<\/a> caution regarding assets like Bitcoin and Ether.\u00a0Schlegel raised issues about the high volatility of these assets, arguing that it hinders their use for payments. He also brought attention to their connection with illegal activities and the complexities involved in regulating them.<\/p>\n However, the initiative\u2019s registration in itself is a significant milestone as it reflected<\/a> a growing interest in integrating digital assets into traditional financial systems. It also aligns with Switzerland\u2019s reputation as a hub for cryptocurrency innovation and adoption.<\/p>\n The post Switzerland Federal Chancellery Registers Bitcoin (BTC) Proposal for Public Vote<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Swiss Federal Chancellery registered a new initiative on December 31, proposing that the Swiss National Bank hold Bitcoin as part of its reserves, potentially setting the stage for a public referendum. The initiative, spearheaded by a group of 10 Bitcoin advocates, including Giw Zanganeh, who happens to be Tether\u2019s vice president of energy and […]<\/p>\n","protected":false},"author":0,"featured_media":32840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-32839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/32839"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32839"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/32839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/32840"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SNB\u2019s Skepticism<\/h2>\n