Bitcoin supporters in Switzerland have tried again to get the Swiss National Bank (SNB) to add BTC (BTC) to its funds. This is a brave move that would strengthen Switzerland’s financial independence. The movement, led by Yves Bennaïm, head of the non-profit think tank 2B4CH, wants a constitutional vote for this groundbreaking inclusion.
Bennaïm says that adding Bitcoin to the national bank’s funds is crucial for Switzerland’s independence and neutrality as global problems worsen. In an interview with Neue Zürcher Zeitung, Bennaïm said that plans are being made to send the appropriate paperwork to the State Chancellery, which will start the referendum process.
Bitcoin Advocates’ Signature Struggle Overcoming Hurdles for Swiss Reserve Integration
These efforts do, however, come with some problems. For the plan to move forward, it needs 100,000 signatures from Swiss people in 18 months. In October 2021, when the “Bitcoin Initiative” tried to make BTC a reserve currency in the Swiss Federal Constitution, this obstacle stopped 2B4CH.
In this fight, Luzius Meisser, who runs the Bitcoin-focused trading site Bitcoin Suisse, works with Bennaïm. Meisser says that adding BTC would strengthen Switzerland’s neutral attitude and show that it is financially separate from the European Central Bank. Meisser is scheduled to meet with the SNB on April 26 and will discuss the benefits of including Bitcoin, even though SNB Chair Thomas Jordan has turned him down.
Jordan turned down Meisser’s earlier suggestion in March 2022 that the SNB buy $1.1 billion in BTC monthly, saying that Bitcoin did not meet the reserve currency requirements. If the SNB had agreed to his idea in 2022, Meisser thinks it would have added an extra $32.9 billion by now.
Leon Curti, the head of research at Digital Asset Solutions, is still positive about the project’s future. He says the recent acceptance of Bitcoin spot exchange-traded funds in the US and Hong Kong could change the SNB’s mind.
The project has support from people worldwide, including German politician and BTC supporter Joana Cotar. Switzerland’s growing reputation as a center for blockchain and crypto innovation makes this effort even more important. It is a great place for Web3 and blockchain. In 2023, the top 50 companies in Crypto Valley doubled in value, reaching $382.93 billion.
Banning people from publishing code and algorithms is a clear prior restraint on protected speech and is unconstitutional unless the government can show a compelling interest and narrow tailoring.
Coin Center
Switzerland is also very open to digital currencies, as shown by the city of Lugano’s announcement in December that it would accept BTC and other cryptocurrencies as payment for taxes.
As people push for Bitcoin to be added to national reserves, Switzerland is at the front of a game-changing shift in how money works that could completely change the country’s economy in the digital age.
