Swiss Bitcoin proponents have achieved a key milestone in their quest to require the national central bank to hold Bitcoin as part of its reserves. The Federal Chancellery has given the green light to the "Bitcoin Initiative," moving the proposal closer to a nationwide referendum.
The initiative, officially named "For a Financially Strong, Sovereign, and Responsible Switzerland," aims to modify Article 99 of the Swiss Constitution. If passed, it would mandate the Swiss National Bank to include Bitcoin alongside traditional assets like gold in its monetary reserves.
Federal Chancellor Viktor Rossi confirmed that the proposal meets all legal requirements for a federal popular initiative. The measure was filed on December 5, 2024, with backing from prominent figures in Switzerland's Bitcoin and financial reform communities, including Luzius Meisser and Giw Zanganeh.
The next phase involves review by the Federal Assembly to assess the initiative's validity and alignment with Swiss law. Should it clear this hurdle and gather sufficient certified signatures, Swiss citizens will have the opportunity to vote on this groundbreaking proposal.
Supporters argue that Bitcoin's decentralized nature and limited supply could strengthen Switzerland's financial independence and sovereignty. They see the initiative as consistent with the country's history of pioneering financial innovation.
However, skeptics raise concerns about Bitcoin's price volatility, warning that mandatory crypto holdings could expose the Swiss financial system to market instability. The debate highlights the broader discussion about modernizing central bank reserve strategies in the digital age.
If Swiss voters ultimately approve the measure, Switzerland would become one of the first nations to establish constitutional requirements for cryptocurrency holdings by its central bank, potentially influencing monetary policy approaches worldwide.