Switzerland Considers Adding Bitcoin to National Reserves
A proposal to include Bitcoin in Switzerland’s national reserves has been put forward by the Swiss Chancellery, with the support of a coalition of ten Swiss crypto advocates. The initiative, led by Tether’s Vice President of Energy and Mining Giw Zanganeh and Swiss think tank 2B4CH founder Yves Bennaïm, aims to amend the Swiss Federal Constitution to mandate the Swiss National Bank to hold Bitcoin alongside gold as part of its monetary reserves.
The proposal was officially registered in Switzerland’s Federal Gazette on Dec. 31, after being submitted on Dec. 5. To move forward, the initiative requires 100,000 signatures within an 18-month period. If successful, the proposal will be reviewed by the Swiss Federal Assembly.
Dubbed ‘For a financially sound, sovereign and responsible Switzerland,’ the initiative targets Article 99 Paragraph 3 of the Swiss Federal Constitution, proposing the addition of Bitcoin to the National Bank’s monetary reserves.
While a similar initiative in 2021 faced challenges and was postponed, the current proposal shows more structured preparation, with groundwork laid since April 2024. However, the Swiss National Bank remains cautious about cryptocurrencies, citing concerns about volatility, energy consumption, and illicit activities.
Despite regulatory concerns, Switzerland has seen significant crypto adoption. The city of Lugano, for example, is a hub for Bitcoin enthusiasts and has embraced Bitcoin for tax payments since December 2023. Additionally, Zug is home to Crypto Valley, a blockchain hub housing over 1,200 companies, including several unicorns valued at over $1 billion.