Swiss Constitution Proposes National Bank to Hold Bitcoin on Its Balance Sheet

DIGIVESTASI - Switzerland has proposed that the Swiss National Bank (SNB) begin holding Bitcoin as part of the country’s monetary reserves, with a goal of collecting 100,000 signatures from the public to be achieved before June 30, 2026. The initiative, launched on December 31, 2023, by the Swiss Federal Chancellor, is led by the nonprofit think tank 2B4CH, founded by Yves Bennaim, along with Tether's Vice President of Energy and Mining, Giw Zanganeh.

The proposed amendment focuses on Article 99, Paragraph 3 of the Swiss Constitution, suggesting that the Swiss National Bank include Bitcoin and gold in the country’s monetary reserves. This move follows a similar but unsuccessful attempt in October 2021, when the concept of national Bitcoin ownership was still a point of discussion.

To amend the constitution, supporters must gather about 1.12% of the total Swiss population, which stands at approximately 8.92 million people. This initiative comes amid global discussions on Bitcoin adoption, including interest from politicians in Brazil and Poland, as well as a proposal in the United States to establish a Bitcoin reserve under the Department of the Treasury.

Despite the push for Bitcoin integration, SNB Chairman Martin Schlegel had previously expressed concerns about the environmental impact of cryptocurrencies and their viability as a payment method. However, Bitcoin has been widely accepted in several regions of Switzerland, such as Lugano, where around 260 merchants have started accepting the digital currency.