A Swiss advocacy group has recently put forward a constitutional amendment proposal calling for the inclusion of Bitcoin (BTC) in Switzerland’s national reserves. The Swiss Federal Chancellery is spearheading efforts to rally public support for this initiative, with an ambitious target of amassing 100,000 signatures by June 2026.
The proposal calls for a modification to Article 99, paragraph 3 of the Swiss Federal Constitution, which would furnish the Swiss National Bank (SNB) with the authority to devote a portion of its reserves to Bitcoin, in addition to gold. The amendment would also streamline the foundation of a “National Bank” tasked with the creation and preservation of adequate monetary reserves, leveraging its revenues.
Leading the charge for this initiative are ten advocates, including Giw Zanganeh, Vice President of Energy and Mining at Tether, and Yves Bennaïm, founder of 2B4CH. They underscore the necessity for Switzerland to embrace BTC, arguing that it could strengthen the nation’s financial sovereignty and robustness.
The Swiss Federal Chancellery elaborated on the proposal’s objectives on its Fedlex website, stating that “the aim is to create a financially sound, sovereign, and responsible Switzerland.” The proposal is currently undergoing the Crypto Asset Initiative process, which validates its adherence to legal norms as per Article 69, paragraph 2 of the Federal Act on Political Rights of December 1976.
Should the required signatures be obtained, the proposal will then be forwarded to the Swiss Federal Assembly for legislative scrutiny. Supporters are hopeful that this could signal a major stride towards the incorporation of digital assets into Switzerland’s economic infrastructure.
However, the Swiss National Bank has demonstrated caution. The SNB’s Chairman of the Board of Directors, Martin Schlegel, has expressed reservations about Bitcoin’s instability and its association with illicit activities, labeling it a “niche phenomenon.” Schlegel warned, “Crypto assets have limitations that cannot be overlooked.”
The Federal Chancellery has clarified that the proposal is intended to uphold Switzerland’s rigorous financial governance standards. Nevertheless, it remains to be seen whether the SNB will adjust its conservative stance towards digital assets.
For the initiative to be successful, it must win the backing of roughly 1.12% of Switzerland’s population of 8.92 million. Advocates are confident that such a move could position Switzerland at the forefront of cryptocurrency adoption in Europe. However, the path to success is fraught with regulatory obstacles and the challenge of addressing the SNB’s concerns.
