The Swiss Federal Chancellery registered the “Bitcoin Initiative,” advocating for Bitcoin in central bank reserves to boost economic autonomy. Supported by political and financial leaders, it aligns with a parliamentary inquiry into Bitcoin’s role at the Swiss National Bank.
The Swiss Federal Chancellery verified the registration of the “Bitcoin Initiative” on Tuesday, December 31, 2024. Yves Bennaïm, the founder of the nonprofit think tank 2B4CH, is the driving force behind this endeavor, which has the support of Luzius Meisser of Bitcoin Suisse.
Both proponents contend that the integration of bitcoin (BTC) into the central bank’s reserves could protect Switzerland’s economy from external forces, such as the European Central Bank (ECB), and increase the country’s autonomy.
Approximately one week prior, Dr. Paolo Pamini, a National Councillor at the Federal Assembly, disclosed that he and his counterparts from other political parties had submitted a parliamentary inquiry to the Federal Council concerning Bitcoin and the Swiss National Bank.
“We seek clarity on whether the Swiss National Bank has the legal framework to include Bitcoin as an asset to back the money supply, and what adjustments would be needed if it doesn’t,” he shared in a Linkedin post.
The Swiss Federal Chancellery has officially registered the initiative, according to a report published on Tuesday on X. The endeavor may proceed if it satisfies the criteria established by the Swiss Federal Law on Political Rights.
The initiative has the potential to advance with this measure, provided that specific legal conditions are met. “The initiative’s committee has 18 months to collect a minimum of 100,000 signatures from Swiss citizens who are eligible to vote, now that it has been officially registered,” the X account explained.
This update is being released in the midst of lively discussions regarding strategic bitcoin reserves, which are generating interest among individual states, significant nations, financial institutions, and central banks.
Switzerland’s decision to pursue a constitutional amendment may serve as a model for other nations that are contemplating comparable strategies as discussions regarding strategic bitcoin reserves become more heated.
The function of bitcoin in traditional financial (tradfi) systems could be reshaped, potentially, by the outcome of this initiative and other schemes similar to it, which could impact global financial strategies.
