The Swiss Federal Chancellery has approved the formal submission of the “Bitcoin Initiative,'' a constitutional amendment that would require the Swiss National Bank to hold a portion of its reserves in Bitcoin (BTC).
The bill is now close to a national referendum and comes amid growing interest in introducing sovereignty over major assets.
The initiative, officially titled “For a Fiscally Strong, Sovereign and Responsible Switzerland,” was launched on December 5, 2024, with support from prominent Bitcoin supporters and financial reformers. Submitted to.
The proposal would amend Article 99 of the Swiss constitution, requiring the central bank to allocate a portion of its foreign exchange reserves to Bitcoin along with gold. Supporters argue that Bitcoin's decentralization and deflationary properties could strengthen Switzerland's fiscal resilience and sovereignty.
The road to referendum
The Swiss Federal Chancellery has confirmed that the initiative meets all legal requirements, including collecting valid signatures and complying with procedures.
Federal Prime Minister Victor Rossi said:
“This initiative has been confirmed to be in compliance with the constitutional and legal framework of national initiatives of the federal government.”
The Federal Chancellor's approval does not guarantee implementation of this initiative. It now needs to be reviewed by the Federal Parliament to determine its validity and consistency with Swiss law. If it is deemed valid and has enough signatures, Swiss citizens will be able to vote on the bill in a nationwide referendum.
The effort is being led by 10 individuals, including prominent Bitcoin entrepreneurs and legal experts such as Lusius Meisser and Giu Zanganeh. These supporters highlight the proposal's potential to strengthen Switzerland's financial independence by diversifying its foreign exchange reserves.
support and criticism
Supporters of the Bitcoin initiative see this as a positive step in line with Switzerland's tradition of financial innovation.
However, critics have warned of risks associated with Bitcoin's volatility. They argue that requiring the central bank to hold such assets could expose Switzerland's financial system to unpredictable market fluctuations and undermine the stability that is Switzerland's hallmark.
If the initiative is passed into law, Switzerland will become the first country to constitutionally incorporate cryptocurrencies into its monetary policy. The referendum date has not yet been confirmed, but the measure is expected to spark a huge debate in a country known for its direct democracy and fiscal leadership.
If approved by voters, the amendments could mark a major shift in the way the world's central banks approach digital assets and modernize their preparedness strategies.
