This initiative, led by French-speaking Swiss crypto evangelist Yves Bennaïm, aims to amend the Swiss constitution.
It highlights the growing influence of digital currencies in modern finance. Let’s explore more about this important news for Bitcoin.
Amending the Constitution for Crypto
In Switzerland, the constitution can be amended through a national referendum, a process that embodies the country’s deep-rooted democratic values. For a referendum to be brought forward, proponents must gather at least 100,000 valid signatures from Swiss citizens. This mechanism allows Swiss citizens to exert direct influence over their national legislation, an empowering aspect of Swiss governance.
BREAKING: Bitcoiners launch a 🇨🇭Swiss National Referendum to oblige the Swiss National Bank to put #Bitcoin on its balance sheet.
In Switzerland, each citizen has the power to launch a National Referendum to change the constitution, if they can collect 100,000 valid signatures… https://t.co/NrHXOXQigt
— Remo Uherek (@remouherek) April 21, 2024
The proposal spearheaded by Bennaïm’s group is precise yet impactful. It aims to tweak the wording of the constitutional article concerning the SNB’s reserve assets. Currently, the constitution mandates that “The Swiss National Bank creates sufficient currency reserves from its income; part of these reserves is held in gold.” The proposed amendment would expand this mandate to include Bitcoin, thereby revising the text to state: “in gold and Bitcoin.”
The push to add Bitcoin to the SNB’s balance sheet mirrors a global trend of integrating cryptocurrencies into financial portfolios. Bitcoin, unlike traditional assets, offers high liquidity and freedom from geopolitical influences. These features make it an attractive addition to the conservative portfolios typical of national banks.
More About Bitcoin
Also, the proposal raises questions about Bitcoin’s volatility and its impact on national financial security. Critics claim that Bitcoin’s price volatility could threaten the fiscal stability required of central banks.
Democracy takes time. We are moving forward in Switzerland 🇨🇭
“Now comes the popular initiative that wants to oblige the National Bank to buy Bitcoin”https://t.co/uKQnDScfvJ
— Bitcoin Initiative 🗳️🇨🇭 (@initiativeBTC) April 21, 2024
Finally, supporters counter that with proper management and regulatory frameworks, the risks can be mitigated. They argue that including Bitcoin will diversify reserves and signal Switzerland’s commitment to leading in financial technology and digital currencies.
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