Swiss Bitcoiners renew efforts to orange-pill the country’s central bank

A group of Bitcoin advocates residing in Switzerland are making another attempt to persuade the Swiss National Bank to include Bitcoin in its reserves by organizing a constitutional referendum. However, they must collect signatures from over 100,000 residents before their proposal can be considered valid.

Yves Bennaïm, the founder and chairman of 2B4CH, a non-profit think tank, argued that including Bitcoin in a country’s central bank reserves could safeguard its “independence and impartiality” amidst global instability.

“Bennaïm informed NZZ on April 20th that we are currently finalizing the organizational arrangements for the committee and drafting the necessary papers to submit to the State Chancellery, allowing us to initiate the procedure.”

Despite the requirement of collecting 100,000 valid signatures from Swiss citizens within an 18-month timeframe for organizing a referendum on matters initiated by Swiss nationals or organizations, this target posed a challenge for 2B4CH during their initial attempt in October 2021.

Around that period, 2B4CH initiated the “Bitcoin Project” with the goal of incorporating Bitcoin as a reserved currency under Article 99-3 of the Swiss Federal Constitution.

Approximately 1.15% of Switzerland’s total population of 8.77 million people would be required to sign the petition.

Swiss Bitcoiners renew efforts to orange-pill the country’s central bank

“Luzius Meisser, president of Bitcoin Suisse and advisor to Bennaïm on this matter, stated, ‘Adding Bitcoin to Switzerland’s reserves signifies our sovereignty over monetary decisions, separating us from the European Central Bank. This move bolsters our neutrality.'”

At an upcoming Swiss National Bank meeting on April 26, Meisser intends to make a persuasive argument for including Bitcoin in the bank’s holdings. He will be given a time frame of three minutes to present his compelling reasons.

In March 2022, the executive proposed to the central bank that they purchase approximately $1.1 billion (1 billion Swiss francs) worth of Bitcoin every month instead of German government bonds, as reported by NZZ.

In April 2022, according to reports, Thomas Jordan, chair of the Swiss National Bank, stated that Bitcoin did not fulfill the criteria for the bank to adopt it as a reserve currency.

Meisser argues that if the Swiss central bank had taken his advice in 2022 and invested $32.9 billion (30 billion Swiss francs) in Bitcoin, Switzerland’s wealth would have increased by that amount. He cautions that waiting any longer might result in other central banks entering the market, causing Bitcoin prices to rise significantly, making it more expensive for Switzerland to join the trend.

Yet, according to Leon Curti, the research chief at Digital Asset Solutions, there’s optimism that the latest approvals of Bitcoin spot ETFs in the US and Hong Kong may persuade the Swiss National Bank to consider purchasing Bitcoin.

A German politician and Bitcoin advocate named Joana Cotar expressed approval after reading an article in the NZZ newspaper, which was critical of the EU’s plan to create a digital currency.

CryptoMoon reached out to 2B4CH but didn’t receive an immediate response.

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2024-04-22 08:06