Swiss Bitcoin Advocates Launch Petition Urging National Bank to Hold BTC Reserves

CryptoNews.com

2024-04-22 00:13:34

Ruholamin Haqshanas

Last updated:

April 22, 2024 04:13 EDT | 2 min read

A group of Bitcoin enthusiasts based in Switzerland is making a renewed effort to convince the Swiss National Bank (SNB) to include Bitcoin in its reserves

Their plan involves launching a petition to initiate a referendum that would seek to amend the country’s constitution, which will require gathering over 100,000 signatures from Swiss citizens.

Yves Bennaïm, the founder and chairman of 2B4CH, a non-profit think tank leading the campaign, believes that adding Bitcoin to the SNB’s reserves would safeguard Switzerland’s “sovereignty and neutrality” in an increasingly uncertain global landscape, he told to the Swiss news outlet Neue Zürcher Zeitung (NZZ).

2B4CH Finalizing Preparations for the Necessary Documents

Bennaïm said that they are finalizing the organizational preparations for the committee and the necessary documents to be submitted to the State Chancellery.

However, the process is not without its challenges

The Swiss constitution stipulates that a referendum can only be held if at least 100,000 Swiss citizens sign a petition within 18 months

This requirement posed difficulties for 2B4CH during their first attempt in October 2021

At that time, they launched the “Bitcoin Initiative” with the goal of amending Article 99-3 of the Swiss Federal Constitution to include Bitcoin as a reserve currency.

With a population of 8.77 million in Switzerland, approximately 1.15% of the locals need to support the petition by signing it

Luzius Meisser, president of Bitcoin-focused trading platform Bitcoin Suisse, who is assisting Bennaïm in this initiative, believes that including Bitcoin in the SNB’s reserves would signify Switzerland’s independence from the European Central Bank and enhance its neutrality.

Meisser to Discuss Benefits of Adding Bitcoin to Balance Sheet

Meisser will have an opportunity to present the benefits of adding Bitcoin to the SNB’s balance sheet during a meeting scheduled for April 26

However, he will only have three minutes to make his case

In the past, Meisser attempted to persuade the central bank to allocate 1 billion Swiss francs ($1.1 billion) each month to Bitcoin as an alternative to German government bonds in March 2022

Unfortunately, SNB Chair Thomas Jordan reportedly stated in April 2022 that Bitcoin did not meet the requirements to be considered a reserve currency.

Meisser argues that Switzerland would currently be 30 billion Swiss francs ($32.9 billion) richer if the central bank had followed his suggestion in 2022

He also warns that delaying the move could result in other central banks acquiring Bitcoin at significantly higher prices, leaving Switzerland at a disadvantage.

The NZZ article discussing the petition has garnered support from Joana Cotar, a German politician and Bitcoin activist who strongly opposes a European Union-backed digital currency

Hahaha.
Jap.
Genau das!#Freiheit, deshalb #Bitcoin

— Joana Cotar (@JoanaCotar) April 21, 2024

As reported, Western Europe has emerged as a leading region in global crypto adoption, attracting a substantial number of daily traders, ranging from 1.2 million to 1.5 million individuals.

Germany and France are at the forefront of activity in the region, while Austria has experienced the most significant yearly growth, witnessing a remarkable 70% surge in users

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