Bitcoin advocacy group launches proposal for Swiss National Bank

A group of cryptocurrency advocates has launched an initiative that could require the Swiss National Bank (SNB) to hold Bitcoin as part of its reserves, marking a significant push to integrate digital currencies into traditional central banking.

The proposal, officially registered with the Swiss federal chancellery on Tuesday, aims to modify existing legislation to mandate that the central bank maintain reserves in both gold and Bitcoin. The initiative represents a bold attempt to modernise Switzerland’s monetary policy framework.

The campaign group, consisting of 10 individuals including several Swiss cryptocurrency proponents, now faces the challenge of gathering 100,000 signatures within an 18-month timeframe to secure a public referendum on the matter.

However, the proposal may face resistance from within the SNB itself. The central bank’s chairman has recently expressed reservations about cryptocurrencies, indicating a cautious stance towards digital assets like Bitcoin and Ether.

Switzerland’s direct democracy system, which regularly puts legislative changes to public vote through referendums, provides a unique pathway for such grassroots initiatives to potentially become law.

This initiative emerges amid growing global discourse about the role of cryptocurrencies in central banking and monetary policy, with Switzerland potentially positioning itself at the forefront of this evolution in financial governance.