Swiss think tank initiates vote to add Bitcoin in federal constitution

2B4CH is a Swiss non-profit thinktank that assists the state with exploring cryptocurrencies such as Bitcoin (BTC), and blockchain technology. It has launched an initiative that could make Bitcoin a reserve asset.

The association announced Friday plans to launch a popular federal initiative. They will collect 100,000 signatures to introduce Bitcoin to article 99, clause 3 of the Swiss federal constitution.

This initiative proposes to include Bitcoin in the Swiss central bank’s list of assets. It would also change the constitution to read: “The Swiss National Bank shall establish sufficient currency reserves from its revenues. Part of these reserves shall remain in gold or Bitcoin.”

It doesn’t really matter if the vote is successful, since the initiative is focused upon gathering signatures in order to present this proposal to the Swiss citizens to vote. Yves Bennaim, 2B4CH founder and chair, told Cointelegraph.

Bennaim stated that if the signatures are collected successfully, the vote must legally take place. The conversations and debates will eventually inform and educate better everyone in Switzerland and hopefully around the world, as we have set the example. He noted that while we hope the vote will succeed, even if it doesn’t, the public debate will make it a success.

The Swiss National Bank (or SNB) will need to learn how Bitcoin can be added to its reserves if the vote is successful. This would make Switzerland one the most prominent nations in the field and help its economy on many levels. Bennaim said:

“Such an amendment to the constitution would affect the Swiss people in the same way that Silicon Valley and London Stock Exchange have benefited their respective people.”

Bennaim says that 2B4CH is still in the preliminary stage and testing interest in the initiative. Next steps will be to present the project to the confederation, and collect signatures. Bennaim stated that it would take months, if not years for the final phase to be completed before the actual vote can be held.

Related: Cardano creator Cardano says El Salvador will follow other countries’ Bitcoin moves

2B4CH was founded in Geneva in 2017. It is an independent non-profit organization that studies the financial and social transformations caused by Bitcoin and blockchain technology. To protect its independence as well as the privacy of its members, the think tank has fewer than 20 members.

Switzerland is one of the most crypto-friendly nations in the world. The canton of Zug started using Bitcoin payments for public service back in 2016, and it has been a leader ever since. After authorizing SIX Swiss Exchange’s launch of a digital asset market, the Swiss Financial Market Supervisory Authority approved last month the country’s first crypto fund.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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