The Swiss Federal Chancellery has approved the formal submission of the ‘Bitcoin Initiative’, a proposed constitutional amendment that would require the Swiss National Bank to hold part of its reserves in Bitcoin (BTC).
The measure is now moving closer to a national referendum and comes against the backdrop of growing interest in the government’s adoption of this flagship.
The initiativeFormally titled “For a Financially Strong, Sovereign and Responsible Switzerland,” it was filed on December 5, 2024, with support from prominent Bitcoin proponents and financial reformers.
The proposal aims to amend Article 99 of the Swiss Constitution to authorize the central bank to allocate part of its reserves to Bitcoin in addition to gold. Proponents argue that Bitcoin’s decentralized and deflationary properties could increase Switzerland’s financial resilience and sovereignty.
Road to a referendum
The Swiss Federal Chancellery confirmed that the initiative meets all legal requirements, including collecting valid signatures and complying with procedural formalities.
Chancellor Viktor Rossi stated:
“It has been verified that the initiative complies with the constitutional and legal framework for a federal popular initiative.”
The approval of the Federal Chancellery does not guarantee the implementation of the initiative. It now requires a review by the Federal Assembly to determine its validity and coherence with Swiss law. If this is deemed valid and enough signatures are certified, Swiss citizens will vote on the measure in a nationwide referendum.
The initiative is led by ten people, including well-known Bitcoin entrepreneurs and legal experts such as Luzius Meisser and Giw Zanganeh. These proponents emphasize the proposal’s potential to strengthen financial independence by diversifying Switzerland’s monetary reserves.
Support and criticism
Supporters of the Bitcoin Initiative see it as a forward-looking step that is in line with the Swiss tradition of financial innovation.
However, critics warn of the risks associated with Bitcoin’s volatility. They argue that requiring central banks to hold such assets could expose the Swiss financial system to unpredictable market fluctuations, undermining its hallmark stability.
Introducing the initiative into law would make Switzerland one of the first countries to constitutionally incorporate crypto into its monetary policy. Although the timeline for a referendum has not yet been confirmed, the measure is expected to spark substantial debate in the country known for its direct democracy and financial leadership.
If approved by voters, the amendment could represent a significant change in the way central banks worldwide approach digital assets and modernize their reserve strategies.
