Switzerland's initiative to encourage central banks to hold Bitcoin will be terminated due to insufficient signatures.

According to a Reuters report, the Bitcoin Initiative, which pushed for Swiss National Bank to include Bitcoin in its reserves, is expected to terminate after failing to obtain the 100,000 signatures needed to trigger a referendum. The initiative garnered only about half the signatures by the end of its 18-month submission period. Swiss National Bank reiterated that cryptocurrency price volatility and insufficient market liquidity do not meet its foreign exchange reserve requirements. Bitcoin Initiative founder Yves Bennaim stated that although the initiative will fail, some progress has been made in the discussions.