17h05 ▪
5
min read ▪ by
The idea that a central bank could hold bitcoin may seem like science fiction to some, but in Switzerland, this perspective is gradually becoming a reality. Indeed, the country is considering an amendment to its federal Constitution to allow the Swiss National Bank (SNB) to integrate bitcoin into its reserves, alongside gold. This initiative, backed by a group of crypto advocates, reflects a desire to position Switzerland within a modern and forward-thinking financial dynamic.
Towards a Constitutional Adoption of Bitcoin
On December 31, 2023, the Swiss Federal Chancellery officially registered a proposal aimed at amending Article 99 of the Federal Constitution. This initiative stipulates that the Swiss National Bank (SNB) should include bitcoin in its monetary reserves, alongside gold. According to the proponents of this idea, this change would represent a decisive step toward enhanced financial sovereignty for Switzerland. Giw Zanganeh, Vice President of Tether and one of the instigators of the proposal, stated on December 31, 2024, on social media X (formerly Twitter), that this initiative reflects the vision of a “financially sovereign and responsible Switzerland”. Yves Bennaïm, founder of the think tank 2B4CH, also asserted that the project symbolizes a new era for the Swiss economy.
For this proposal to reach the referendum stage, the promoters must gather 100,000 signatures by June 2026, which is about 1.12 % of the Swiss population estimated at 8.92 million inhabitants. This key step is part of a democratic process aimed at allowing an in-depth public debate. Yves Bennaïm explained that the conditions are now in place to bring this initiative to the attention of citizens. “We were waiting for the right timing, and everything converges today to submit this idea for public debate,” he confided. While bitcoin is still perceived by some as a volatile asset, this approach raises questions about the integration of cryptos into the strategies of traditional financial institutions. In Switzerland, this initiative could pave the way for a redefinition of the role of monetary reserves and emerging technologies in public finance.
An International Dynamic and Local Implications
Swiss institutions are not unanimous on this proposal. The President of the Swiss National Bank (SNB), Martin Schlegel, has expressed reservations about the integration of bitcoin. According to him, the use of bitcoin as a means of payment remains problematic, especially due to the “enormous amount of energy” required to secure the network. These criticisms raise significant concerns about the ecological and energy viability of this project, in a context where sustainability has become a central issue of economic policies.
While Switzerland contemplates this approach, other countries are also exploring similar paths. Indeed, in the United States, a bill could authorize the Treasury to include bitcoin in its national reserves. Discussions are emerging in Poland and Brazil about creating crypto reserves, reflecting a growing interest in these assets. In Switzerland, the city of Lugano already stands out as a concrete example of crypto adoption. With over 260 merchants accepting bitcoin, Lugano demonstrates how this technology can pragmatically integrate into the local economy, offering a model that could inspire other regions.
However, the stakes of this initiative far exceed Swiss borders. If Switzerland officially includes bitcoin in its reserves, it could strengthen its image as a pioneer in financial innovation and provoke a wave of similar adoptions in other countries. However, this decision raises the question: can it really stabilize and diversify national financial reserves, or will it introduce a volatility that could undermine economic policies? The debate remains open, but one thing is certain: Switzerland, true to its tradition of financial boldness, is about to write a new chapter in the history of crypto.
If it succeeds, this proposal could profoundly transform the relationships between states and cryptos, redefining their place in national economic strategies. Through its commitment to this path, Switzerland would reinforce its status as a global leader in financial innovation and institutional adoption of cryptos. This ambitious project, although still uncertain, already generates international interest and could inspire other nations to follow its example. As the debate continues, Switzerland, a small country at the heart of Europe, may once again prove that great ideas have no borders.
Maximize your Cointribune experience with our “Read to Earn” program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
