Source: bitcoinist

Translation: Blockchain Knight

A group of crypto asset advocates in Switzerland is urging the government to consider including BTC in the national reserves.

The Swiss Federal Chancellery has initiated the process to gather the required number of signatures to push for an amendment to the national constitution, allowing the Swiss National Bank to establish a BTC holding.

Before the deadline in 2024, the Swiss Federal Chancellery has begun promoting a proposal to include crypto assets in the national balance sheet.

This state-owned government agency stated that the proposal aims to revise certain provisions of the Swiss Federal Constitution, allowing the Swiss National Bank to purchase BTC as part of the national reserves of European countries.

After studying this prospect, the Swiss Federal Chancellery initiated the crypto asset initiative process, stating that the proposal formally meets legal requirements.

The government agency declared on the Fedlex website: "The initiative meets the conditions set forth in Article 69, Paragraph 2 of the Federal Political Rights Act of December 17, 1976. The aim is to establish a financially sound, sovereign, and responsible Switzerland."

The initiative requires gathering approximately 100,000 signatures from the Swiss public to advance the constitutional amendment, which would require the Swiss central bank to hold BTC alongside gold as part of the national monetary reserves.

The goal of the Swiss Federal Chancellery is to obtain the required number of signatures by June 30, 2026, to advance the proposal aimed at amending Article 99, Paragraph 3 of the country's federal constitution.

The initiative will add the following provision: to include "national bank" in the Swiss Federal Constitution, utilizing its own income to establish sufficient monetary reserves.

Part of these reserves would consist of gold and BTC, granting the Swiss National Bank the authority to purchase top digital assets as part of the national reserves.

Reports indicate that to achieve the constitutional amendment, crypto asset advocates must gain support from approximately 1.12% of the Swiss population, or 892,000 citizens. Once this threshold is reached, the initiative will be submitted to the Swiss bicameral parliament—the Swiss Federal Assembly—for review.

The proposal was submitted by ten crypto asset advocates in Switzerland, aiming to urge the Swiss government to adopt BTC in its national reserves.

These advocates include Tether's Vice President of Energy and Mining, Giw Zanganeh, and 2B4CH founder Yves Bennaïm.

However, the Swiss National Bank remains conservative regarding crypto assets, concerned that the central bank's adoption of BTC could pose risks.

Martin Schlegel, Chairman of the Swiss National Bank's Board, believes that BTC and other digital assets are still viewed as a "niche phenomenon," adding that crypto assets have limitations due to their volatility and association with illegal activities.

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