Swiss think tank starts a vote to include Bitcoin in the federal constitution
2B4CH, a non-profit think tank in Switzerland that assists the government in researching cryptocurrencies such as Bitcoin (BTC) and blockchain technology, is initiating a project that may make Bitcoin one of the country’s reserve assets.
On Friday, the organization revealed plans to launch a popular federal initiative to add Bitcoin to Article 99 Clause 3 of the Swiss federal constitution by gathering 100,000 signatures.
The proposal expressly asks that Bitcoin be added to the list of assets maintained by the Swiss central bank, changing the constitutional article to: “The Swiss National Bank should produce adequate currency reserves from its income, with a portion of these reserves kept in gold and Bitcoin.”
The outcome of the poll is unimportant since the initiative’s goal is to collect signatures so that the idea may be submitted to Swiss residents for a vote, according to 2B4CH’s creator and chair Yves Bennaim.
2B4CH, a non-profit think tank
“If the signatures are successfully gathered, the vote will be legally required, as will the dialogues and debates, ultimately enlightening and educating everyone in Switzerland, and ideally across the globe, as we set the example,” Bennaim added. “We hope the vote goes well, but even if it doesn’t, it will be a triumph if the issue is brought up for public discussion,” he said.
If the referendum passes, the Swiss National Bank, or SNB, will have to figure out how to add Bitcoin to its reserves in the “best and safest way,” making Switzerland one of the industry’s leading nations and benefiting its economy on many levels, according to Bennaim.
According to Bennaim, 2B4CH is currently in the early stages of development, with the goal of gauging interest in the idea. Presenting the idea to the confederation and officially gathering signatures are the next stages. “After this step is completed properly, it will be months, if not years, before the vote takes place,” Bennaim added.
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2B4CH is an independent non-profit organization based in Geneva that studies the social and financial developments brought about by Bitcoin and blockchain technology, as well as the effect of decentralized cryptocurrencies. To safeguard its independence and the anonymity of its members, the think tank currently has fewer than 20 members and does not take donations.
With the canton of Zug piloting Bitcoin payments for public services back in 2016, Switzerland has established itself as one of the most crypto-friendly countries in the world. After permitting the SIX Swiss Exchange to create a digital asset, the Swiss Financial Market Supervisory Authority approved the country’s first crypto fund last month.