The initiative text was published in the Federal Gazette on Tuesday. The committee for the proposal, entitled “For a financially strong, sovereign and responsible Switzerland (Bitcoin Initiative)” have 18 months to collect the 100,000 signatures necessary for it to be put to a public vote.
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Swiss banks shed fear of bitcoin
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More than a quarter of Swiss banks offer cryptocurrency services, or have plans to do so.
The initiative calls for a change to the constitution stating that the SNB should build up currency reserves from its earnings, part of which should be held in gold and bitcoin. The text does not specify how much bitcoin should be held.
The initiative is backed by a group led by internet pioneer and author Yves Bennaïm from French-speaking Switzerland, as well as a number of Swiss cryptocurrency advocates. The primary aim is to initiate a debate, Bennaïm told the NZZ am Sonntag newspaper in spring.
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SNB president warns of potential inflation shocks in Switzerland
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“In the current environment uncertainty remains elevated, and new shocks can occur at any time,” Swiss National Bank President Thomas Jordan warned.
Two years ago, the then SNB President Thomas Jordan declared that bitcoin did not meet the requirements for currency reserves.
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