Swiss Bitcoin Advocates Push for BTC Inclusion in National Bank Reserves
Summary:
Swiss Bitcoin enthusiasts are making renewed efforts to persuade the Swiss National Bank to include Bitcoin in its reserves. They aim to accomplish this through a constitutional amendment via a referendum, requiring a support petition signed by over 100,000 locals. Yves Bennaïm, the founder of a non-profit think tank leading the effort, along with Luzius Meisser, president of Bitcoin Suisse, are trying to convince Swiss National Bank of the benefits. However, they face challenges, including a previous dismissal from the bank's Chairman, Thomas Jordan.
Bitcoin enthusiasts based in Switzerland are undertaking renewed attempts to convince the Swiss National Bank to incorporate Bitcoin (BTC) into its reserves. Their plan involves implementing a constitutional change via a referendum, which requires over 100,000 local signatures. Yves Bennaïm, the founder and leader of non-profit think tank 2B4CH, which is at the forefront of this effort, believes adding Bitcoin to the national bank's reserves would safeguard Switzerland's "sovereignty and neutrality" in an increasingly volatile global environment.
They are currently finalizing the administrative preparations for the committee and preparing the requisite documents to submit to the State Chancellery to kickstart the process, Bennaïm confirmed to Neue Zürcher Zeitung (NZZ), a local Swiss news platform, on April 20. However, the challenge of collecting 100,000 signatures from Swiss citizens in an 18-month timeframe for a referendum concerning initiatives proposed by Swiss citizens or groups is a significant hurdle that the “Bitcoin Initiative” first stumbled upon in October 2021.
Initially launched around that period, the objective of 2B4CH’s initiative was to include Bitcoin as a reserve currency within Article 99-3 of the Swiss Constitution. Given Switzerland's population of roughly 8.77 million, approximately 1.15% of local residents will need to sign the petition.
Luzius Meisser, president of Bitcoin Suisse, a transaction platform focused on Bitcoin assisting Bennaïm with the program, states that the inclusion of Bitcoin in its reserves would underscore Switzerland's independence from the European Central Bank and bolster its neutrality. Meisser plans to use his scheduled meeting with the Swiss National Bank on April 26 to argue the merits of adding Bitcoin to its portfolio. He'll have a three-minute duration to make his case.
Earlier in March 2022, Meisser had pressed the central bank to purchase Bitcoin worth $1.1 billion (1 billion Swiss francs) every month as an alternative to German bonds, as reported by NZZ. However, Thomas Jordan, Chairman of the Swiss National Bank, reportedly dismissed Bitcoin's inclusion as a reserve currency in April 2022 due to unmet requirements. Meisser now argues that delayed adoption risks other central banks acquiring Bitcoin earlier and forcing Switzerland to purchase at significantly inflated prices.
Meanwhile, Leon Curti, head of research at asset manager Digital Asset Solutions, remains optimistic that recent approvals for spot Bitcoin exchange-traded funds in the US and Hong Kong might persuade the Swiss National Bank to invest in Bitcoin.
This initiative has received positive feedback from Joana Cotar, a German politician and Bitcoin advocate, who is staunchly opposed to a digital currency supported by the European Union. Cointelegraph reached out to 2B4CH for further comment but received no immediate response.
Published At
4/22/2024 7:51:31 AM
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