- Switzerland is considering a proposal to include Bitcoin in its national reserves alongside gold, requiring 100,000 signatures to advance the initiative for parliamentary review.
- While the Swiss National Bank remains cautious about cryptocurrencies, the country’s growing crypto adoption, exemplified by Lugano’s Bitcoin tax payments and Zug’s thriving Crypto Valley, highlights its progressive stance on digital assets.
Switzerland, often revered for its neutrality and robust financial systems, is considering a groundbreaking move: incorporating Bitcoin into its national reserves. This bold proposal, spearheaded by a coalition of ten crypto advocates, including Tether’s Vice President of Energy and Mining Giw Zanganeh and Yves Bennaïm, founder of the Swiss think tank 2B4CH, has ignited widespread debate.
The Proposal and Its Path Forward
The initiative, formally registered in the Federal Gazette on December 31, seeks to amend Article 99 Paragraph 3 of the Swiss Federal Constitution. The proposed clause mandates the Swiss National Bank to include Bitcoin alongside gold in its monetary reserves, aiming to bolster financial sovereignty.
To advance, the initiative requires 100,000 signatures within an 18-month timeframe, representing about 1.12% of Switzerland’s population. If successful, the proposal will move to the Swiss Federal Assembly for further deliberation.
The campaign, titled “For a financially sound, sovereign and responsible Switzerland,” highlights the increasing importance of diversifying monetary reserves in an ever-evolving financial landscape.
Past Attempts and Renewed Efforts
This isn’t Switzerland’s first flirtation with Bitcoin on a national scale. A similar initiative by 2B4CH in 2021 was postponed due to limited public and institutional support. However, the current effort appears more strategic, with thorough groundwork laid since April 2024.
While preparations are more robust, challenges remain. Swiss National Bank Chairman Martin Schlegel recently referred to cryptocurrencies as a “niche phenomenon,” citing concerns over volatility, energy consumption, and links to illicit activities. The nation’s Financial Market Supervisory Authority echoes these apprehensions, emphasizing money laundering risks.
Crypto Adoption in Switzerland: A Rising Tide
Despite skepticism at the institutional level, Switzerland is making strides in crypto adoption. Lugano, a city in southern Switzerland, has embraced Bitcoin for tax payments and hosts the renowned “Plan ₿” Bitcoin conference. Meanwhile, Zug’s Crypto Valley is a thriving hub, home to over 1,200 blockchain-focused companies, including 13 unicorns.
A Turning Point?
The proposal to include Bitcoin in Switzerland’s reserves signals a potential paradigm shift in how nation-states perceive digital assets. While hurdles persist, the country’s progressive approach to blockchain technology and cryptocurrency adoption may serve as a blueprint for other nations considering similar moves.
Will Switzerland’s bold initiative redefine the role of Bitcoin in national financial systems? Only time—and 100,000 signatures—will tell.
