Swiss proposal for Bitcoin reserves gains momentum

A proposal to amend the Swiss Federal Constitution to mandate the Swiss National Bank (SNB) to hold Bitcoin (CRYPTO:BTC) on its balance sheet has officially commenced.

Registered in Switzerland’s Federal Gazette on Dec. 31, the initiative requires 100,000 signatures from Switzerland's population of 8.92 million by June 30, 2026, to trigger a public referendum.

The proposal, championed by Bitcoin nonprofit think tank 2B4CH and supported by figures like Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, the think tank's founder, seeks to amend Article 99 Paragraph 3 of the Swiss Federal Constitution.

“The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin,” the amendment stated.

“We were waiting for the right timing. Now, everything is falling into place, and this is why we submitted the documents and will start collecting the signatures,” stated Bennaïm, explaining the timing of the proposal.

The proposal aligns with efforts to promote a financially sovereign Switzerland.

It also reflects growing global interest in Bitcoin reserves, with countries like the United States, Brazil, and Poland considering similar measures.

Bitcoin adoption has seen progress in Switzerland, particularly in Lugano, where approximately 260 merchants accept Bitcoin, according to BTCMaps.

The city hosts the annual “Plan ₿” Bitcoin conference, signaling regional enthusiasm for cryptocurrency.

Despite this momentum, SNB Chair Martin Schlegel expressed concerns last month about Bitcoin’s viability as a payment method and its energy consumption, highlighting challenges to widespread adoption.

At the time of reporting, the Bitcoin price was $94,576.00.