Critical Bitcoin Development in Switzerland: Referendum Road Opened

Switzerland has taken an important step towards solidifying the role of Bitcoin in its financial system.

The proposed federal initiative, titled “For a Financially Strong, Sovereign and Accountable Switzerland (Bitcoin Initiative),” has been officially published in the Swiss Federal Gazette, marking the start of the signature-gathering process required for a nationwide referendum.

The initiative, presented by a special committee, aims to amend the Swiss constitution to include Bitcoin as part of the country’s monetary reserves. Specifically, the Swiss National Bank (SNB) would be obliged to hold a portion of its foreign exchange reserves in Bitcoin, alongside its existing gold holdings.

The initiative aims to strengthen Switzerland’s financial sovereignty and economic strength by integrating Bitcoin into the country’s monetary policy framework. According to the published text, the proposal includes clauses to ensure compliance with legal requirements, such as providing detailed instructions for collecting signatures and anti-fraud measures.

Key provisions of the initiative include:

• The requirement that the SNB maintains sufficient foreign exchange reserves from its earnings.
• A requirement is that some of these reserves be held as both gold and Bitcoin.
• The initiative committee confirmed that the text is in its final form and is available in the three official languages of Switzerland: German, French and Italian.

The initiative needs to collect at least 100,000 valid signatures from Swiss citizens within a set timeframe before it can be put to a nationwide referendum. The signature forms have been carefully designed to meet legal standards, including clear instructions for signatories and the inclusion of an opt-out clause.

*This is not investment advice.