Wed 01 Jan 2025 ▪
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Luc Jose A.The idea that a central bank could hold bitcoin may seem like science fiction to some, but in Switzerland, this perspective is gradually becoming a reality. Indeed, the country is considering an amendment to its federal Constitution to allow the Swiss National Bank (SNB) to integrate bitcoin into its reserves, alongside gold. This initiative, backed by a group of crypto advocates, reflects a desire to position Switzerland within a modern and forward-thinking financial dynamic.Towards a Constitutional Adoption of BitcoinOn December 31, 2023, the Swiss Federal Chancellery officially registered a proposal aimed at amending Article 99 of the Federal Constitution. This initiative stipulates that the Swiss National Bank (SNB) should include bitcoin in its monetary reserves, alongside gold. According to the proponents of this idea, this change would represent a decisive step toward enhanced financial sovereignty for Switzerland. Giw Zanganeh, Vice President of Tether and one of the instigators of the proposal, stated on December 31, 2024, on social media X (formerly Twitter), that this initiative reflects the vision of a “financially sovereign and responsible Switzerland”. Yves Bennaïm, founder of the think tank 2B4CH, also asserted that the project symbolizes a new era for the Swiss economy.For this proposal to reach the referendum stage, the promoters must gather 100,000 signatures by June 2026, which is about 1.12 % of the Swiss population estimated at 8.92 million inhabitants. This key step is part of a democratic process aimed at allowing an in-depth public debate. Yves Bennaïm explained that the conditions are now in place to bring this initiative to the attention of citizens. “We were waiting for the right timing, and everything converges today to submit this idea for public debate,” he confided. While bitcoin is still perceived by some as a volatile asset, this approach raises questions about the integration of cryptos into the strategies of traditional financial institutions. In Switzerland, this initiative could pave the way for a redefinition of the role of monetary reserves and emerging technologies in public finance.Your 1st cryptos with Binance
This link uses an affiliate program.An International Dynamic and Local ImplicationsSwiss institutions are not unanimous on this proposal. The President of the Swiss National Bank (SNB), Martin Schlegel, has expressed reservations about the integration of bitcoin. According to him, the use of bitcoin as a means of payment remains problematic, especially due to the “enormous amount of energy” required to secure the network. These criticisms raise significant concerns about the ecological and energy viability of this project, in a context where sustainability has become a central issue of economic policies.While Switzerland contemplates this approach, other countrie
Mar. Gen 7th, 2025
