Source: bitcoinist
Compiled by: 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 obtain the required number of signatures to push for a constitutional amendment that would allow the Swiss National Bank to establish a BTC holding.
Before the expiration in 2024, the Swiss Federal Chancellery has started to push for the inclusion of Crypto assets on the national balance sheet.
This state-owned government agency stated that the proposal aims to revise certain provisions of the Swiss Federal Constitution to allow the Swiss National Bank to purchase BTC as part of the national reserves of the European country.
After studying this prospect, the Swiss Federal Chancellery has initiated the procedure for the Crypto asset initiative, stating that the proposal formally meets the legal requirements.
The government agency declared on the Fedlex website: "The initiative meets the conditions set out in Article 69, paragraph 2, of the Federal Act on Political Rights of 17 December 1976. The purpose is to establish a financially sound, sovereign and responsible Switzerland."
The initiative requires collecting around 100,000 signatures from the Swiss public to push for a constitutional amendment that would require the Swiss central bank to include BTC alongside gold as part of the national monetary reserves.
The Swiss Federal Chancellery aims to obtain the required number of signatures before 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 clause: to include the "National Bank" in the Swiss Federal Constitution, using its own income to establish sufficient monetary reserves.
A portion of these reserves will be composed of gold and BTC, granting the Swiss central bank the power to purchase the top digital asset as part of the national reserves.
The report states that to achieve the constitutional amendment, the Crypto asset advocates must obtain the support of 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 10 Crypto asset advocates in Switzerland, aiming to urge the Swiss government to adopt BTC in its national reserves.
These advocates include Tether's Energy and Mining Vice President Giw Zanganeh and 2B4CH founder Yves Bennaïm.
However, the Swiss National Bank remains conservative towards Crypto assets, concerned that the central bank's adoption of BTC could pose risks.
Swiss National Bank Governing Board Chairman Martin Schlegel considers BTC and other digital assets to still be seen as a "niche phenomenon" and added that Crypto assets have limitations due to their volatility and association with illicit activities.
