The Swiss Federal Chancellery has formally registered the “Bitcoin initiative”. That means the committee behind the proposal has exactly 18 months to collect 100,000 signatures before the proposal can be put to a referendum. The “Bitcoin initiative” aims to include Bitcoin in the central bank’s financial reserves , which some have claimed would hedge the country’s economy from external factors. The “Bitcoin initiative” needs 100000 signatures to move to the next phase The Swiss “Bitcoin initiative” was put forward by 10 people, including Yves Bennaïm, founder of the nonprofit think tank 2B4CH, who led the movement. The initiative aims to incorporate Bitcoin into the country’s financial reserves by advocating for amendments to Article 99 (Clause 3) of the Swiss Constitution, which currently mandates that a portion of the country’s reserves be stored in gold. Proponents have argued that Bitcoin should be treated similarly to gold, saying the asset could boost the country’s autonomy and protect the company’s economy. Now that the Swiss Federal Chancellery has officially registered the initiative, the committee in charge must obtain 100,000 signatures in 18 months. If the signature collection phase is successful, the proposal will be forwarded to the Swiss Federal and then put to a public referendum to decide if any amendments will be made to the Swiss constitution. The US, Germany, and Hong Kong are considering Bitcoin reserves The Swiss “Bitcoin initiative” registration comes at a time when multiple other nations are considering starting their reserves. For starters, Donald Trump proposed a Bitcoin reserve plan at the Bitcoin Nashville Conference 2024. Moreover, Wu Jiezhuang, Chairman of Hong Kong’s Web3 Virtual Asset Development Subcommittee, also advocated for the city to include Bitcoin in its exchange fund, claiming could help bolster financial security. Former German Finance Minister Christian Lindner also advised the European Central Bank (ECB) and the German Bundesbank to integrate Bitcoin into their reserves. He said : The new Trump administration is pursuing an extremely progressive policy on crypto-assets such as Bitcoin. In Washington, there is even consideration of the Federal Reserve including crypto-assets alongside currencies and gold in its reserves. ~ Christian Lindner Nonetheless, Switzerland’s approach to a possible amendment to its constitution could lead to nations following the same process, especially with Trump’s victory making the world optimistic about crypto asset trading and regulation. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
