Home News Swiss think tank initiates vote to add Bitcoin in the federal constitution

Swiss think tank initiates vote to add Bitcoin in the federal constitution

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2B4CH, a non-profit think tank in Switzerland that assists the government in researching cryptocurrencies such as Bitcoin (BTC) and blockchain technology, is beginning a campaign to make Bitcoin one of the country’s reserve assets.

The organization announced intentions to launch a federal popular initiative on Oct. 8 with the goal of collecting 100,000 signatures. For the inclusion of Bitcoin in the Swiss federal constitution’s article 99 clause 3.

The initiative expressly demands the addition of Bitcoin to the list of assets maintained by the Swiss central bank. Making the constitution article read: “The Swiss National Bank should produce adequate currency reserves from its income. With a portion of these reserves kept in gold and Bitcoin”.

But, as 2B4CH founder and chair, Yves Bennaim said, whether the vote is successful or not is unimportant. Because the main focus is on collecting signatures. So that the idea maybe submitted to Swiss residents for a vote.

“If the signatures are successfully collected, the vote will be mandatory lawfully. 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, the subject will be up for public discussion”, he said.

The referendum will benefit the Swiss economy on several levels

If the referendum passes, the Swiss National Bank, or SNB, will have to figure out how to incorporate Bitcoin into its reserves in the “best and safest way possible,” making Switzerland one of the industry’s leading nations and benefiting the Swiss economy on several levels. Bennaim elaborated:

“A constitutional amendment of this nature would benefit Swiss citizens. In the same manner, as Silicon Valley and the London Stock Exchange have benefitted the citizens of their respective countries.”

2B4CH is still in the early stages of development, according to Bennaim, and is now gauging interest in the concept. The idea will then be up for discussion with the confederation, and signatures will be collected in a formal manner. “Afterwards, it will be months, if not years, before the vote takes place,” Bennaim added.

2B4CH is a non-profit organisation based in Geneva that studies the social and financial impacts of Bitcoin and blockchain technology, as well as the impact of decentralised cryptocurrencies. To safeguard its independence and the privacy of its members, the think tank has fewer than 20 members and does not take donations.

With the canton of Zug testing Bitcoin payments for public services in 2016, Switzerland has established itself as one of the most crypto-friendly countries in the world. After allowing the SIX Swiss Exchange to create a digital asset marketplace, the Swiss Financial Market Supervisory Authority authorised the country’s first crypto fund last month.

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