Swiss chancellery registers proposal to add Bitcoin to national reserves

A proposition to add Bitcoin to Switzerland’s national reserves has been set in motion by the Swiss Chancellery.

Proposed by a coalition of ten Swiss crypto advocates, including Tether’s Vice President of Energy and Mining Giw Zanganeh and Swiss think tank 2B4CH founder Yves Bennaïm, the initiative needs 100,000 signatures to advance a constitutional amendment mandating the Swiss National Bank to hold Bitcoin alongside gold as part of its monetary reserves.

The proposal was initially submitted on Dec. 5 and officially registered in Switzerland’s Federal Gazette on Dec. 31, marking the beginning of an 18-month window to solicit the required signatures.

With Switzerland’s population at approximately 8.9 million, 1.12% of citizens must back the petition for it to succeed. If this threshold is reached, the proposal will proceed to the Swiss Federal Assembly, the nation’s bicameral parliament, for review.

Dubbed the initiative ‘For a financially sound, sovereign and responsible Switzerland,’ it specifically targets Article 99 Paragraph 3 of the Swiss Federal Constitution. 

The proposed amendment seeks to add the clause: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”

In the past, a similar initiative launched by 2B4CH in 2021 was postponed due to timing concerns and a lack of widespread public and institutional support. At that time, the idea of nation-states strategically holding Bitcoin was still in its infancy.

This time around, preparations appear more structured, with Bennaïm and his team working on the organizational groundwork and necessary documentation since April 2024. 

The Swiss National Bank, however, remains cautious about cryptocurrencies. In a November statement, Chairman Martin Schlegel emphasized that while digital assets like Bitcoin have seen significant growth, they still represent a “niche phenomenon” and face limitations due to their volatility, energy-intensive nature, and ties to illicit activities. 

Meanwhile, Switzerland’s Financial Market Supervisory Authority is concerned about the money laundering risks associated with cryptocurrencies.

Yet, crypto adoption in Switzerland tells a different story on the ground. For instance, the Swiss city of Lugano is at the forefront of Bitcoin adoption. The city not only hosts the annual “Plan ₿” Bitcoin conference, attracting crypto enthusiasts from all across the globe, but has also embraced Bitcoin for tax payments since December 2023.

Switzerland also houses the renowned Crypto Valley , a web3 and blockchain hub located in Zug. The region is home to over 1,200 blockchain-focused companies, including 13 unicorns valued at over $1 billion.