As a seasoned financial analyst with over two decades of experience in the industry, I find this proposal to be an intriguing development that could potentially reshape the global financial landscape. Having closely observed the rise and evolution of digital currencies, particularly Bitcoin, it is clear that their potential impact on traditional financial systems is undeniable.
Having worked extensively in Switzerland, a country known for its progressive approach to finance and innovation, I am not surprised by this initiative. The Swiss have always been forward-thinking when it comes to embracing new technologies and adapting to changing market trends.
However, I must admit that the SNB’s skepticism towards cryptocurrencies is understandable given their volatility and connection with illegal activities. As an analyst, I’ve seen firsthand the challenges that come with regulating such assets. But I also believe that every challenge presents an opportunity for growth and improvement.
The partnership between El Salvador and Lugano, Switzerland, in promoting Bitcoin adoption is a testament to the growing global interest in digital currencies. It will be interesting to see how this initiative unfolds and whether other countries will follow suit.
In terms of humor, I can’t help but joke that if this proposal succeeds, we might soon see vending machines dispensing Bitcoin instead of chocolate! After all, who needs a bar of Swiss chocolate when you can have a piece of digital gold?
On December 31st, an innovative proposal was officially recorded at the Swiss Federal Chancellery. This proposal suggests that the Swiss National Bank could consider adding Bitcoin to its reserve assets, which might pave the way for a nationwide vote through a public referendum.
A team of 10 Bitcoin supporters, which includes Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the Swiss-based Bitcoin intellectual hub 2B4CH, are working on a proposal to modify the Swiss Federal Constitution.
The Proposal
The proposed amendment to Article 99 Paragraph 3 would require the SNB to build sufficient monetary reserves from its own earnings, with part of them consisting of gold and Bitcoin. Advocates for the initiative argue that incorporating BTC into the nation’s monetary framework would promote a financially sound and sovereign Switzerland.
To hold a referendum in Switzerland, it’s necessary to gather at least 100,000 valid signatures from the nation’s citizens by June 30, 2026. This equals roughly 1.12% of Switzerland’s total population of 8.92 million people. If this target is achieved, Swiss citizens will then participate in a vote on the proposal utilizing the country’s direct democratic system.
2B4CH is making a fresh push for an initiative that they had previously delayed in October 2021 because Bitcoin was still considered quite new as a strategic national asset at the time. However, since then, discussions worldwide about Bitcoin’s significance in national reserves have picked up steam, strengthening the argument for its incorporation.
Furthermore, El Salvador, which became the world’s pioneer in recognizing Bitcoin as legal tender, entered into an alliance with Lugano, Switzerland, in October 2022, aiming to foster Bitcoin acceptance throughout Europe. As part of the agreement, a “Bitcoin office” was established within El Salvador, staffed by an Honorary Consul whose primary role is dedicated to this endeavor.
SNB’s Skepticism
Although it’s garnered significant attention and enthusiasm, the plan encounters substantial resistance. Notably, the Swiss National Bank has traditionally expressed reservations towards digital currencies.
Indeed, Martin Schlegel, head of the central bank, has recently voiced concerns over digital currencies such as Bitcoin and Ether. Specifically, he highlighted the extreme price fluctuations of these assets, suggesting they are unsuitable for transactions due to this volatility. Furthermore, he pointed out their link to illicit activities and the difficulties in enforcing regulations on them.
Indeed, registering this initiative is a notable achievement, marking an increasing enthusiasm towards blending digital currencies within conventional finance. This action aligns perfectly with Switzerland’s image as a pioneer in cryptocurrency development and acceptance.
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2025-01-02 23:09