Switzerland Faces Crucial Decision on Bitcoin as Part of National Reserves
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Join our Telegram >Home Bitcoin News Switzerland Faces Crucial Decision on Bitcoin as Part of National ReservesSwitzerland Faces Crucial Decision on Bitcoin as Part of National ReservesEvie
January 19, 2025Switzerland, one of the most crypto-friendly countries in the world, is now at the center of a major debate that could have global repercussions. A group of Bitcoin enthusiasts is pushing for the Swiss National Bank (SNB) to hold Bitcoin alongside traditional reserves like gold, the US dollar, and the euro. This bold move could alter the country’s economic landscape, but not everyone is on board.This campaign, spearheaded by a group of passionate Bitcoin supporters, aims to have the Swiss Constitution amended to include Bitcoin in the official reserves of the country’s central bank. To make this happen, the group has to gather 100,000 signatures by 2026, triggering a national referendum where Swiss citizens will have the final say on whether or not Bitcoin should be included in the reserves of the Swiss National Bank.A Crypto-Forward Nation Faces a Key MomentSwitzerland has long been known for its welcoming stance toward cryptocurrencies. The country is home to a high percentage of Bitcoin holders, with 11% of the population owning digital assets, according to a 2024 report by Lucerne University of Applied Sciences and Arts. Additionally, the country boasts widespread access to Bitcoin ATMs, making the process of acquiring cryptocurrency as easy as purchasing a loaf of bread.The Swiss government’s approach to cryptocurrency is ahead of the curve. In 2016, Swiss citizens gained the ability to purchase Bitcoin directly from train station ticket machines. Certain cities, like Lugano, allow residents to pay taxes and fines with Bitcoin, making it a place of interest for the growing crypto community.But now, as global interest in cryptocurrencies continues to surge, Swiss campaigners are proposing a game-changing move: including Bitcoin in the nation’s central bank reserves. If successful, this could have a profound impact on Switzerland’s financial future, but the risks involved are far from negligible.Why Bitcoin? Advocates Push for Financial SovereigntyYves Bennaim, who heads the committee backing this proposal, argues that Bitcoin offers Switzerland a unique opportunity to strengthen its financial independence. “Most of the SNB’s reserves are in euros and dollars,” he says. “This ties Switzerland’s economy to the policies of foreign governments. Bitcoin could offer an alternative and more secure option.”Bitcoin’s decentralized nature and independence from government control resonate with Switzerland’s long history of valuing sovereignty and financial privacy. The idea of using Bitcoin as a reserve currency also play