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2B4CH, a Swiss non-profit think tank that assists the government in researching cryptocurrencies such as Bitcoin (BTC) and blockchain technology, calls for a poll to include Bitcoin as one of the country's reserve assets.
2B4CH, A Swiss Non-profit Think Tank Calls For A Poll To Include Bitcoin As Country’s Reserve Assets
The initiative expressly suggests adding Bitcoin to the list of assets maintained by the Swiss central bank, which would modify the constitutional article to:
"The Swiss National Bank should produce adequate currency reserves from its earnings, including a portion of these reserves kept in gold and Bitcoin."
The outcome of the vote is unimportant because the initiative's goal is to collect signatures for this idea to be submitted to Swiss residents for a vote, according to 2B4CH's founder Yves Bennaim.
“If the signatures are gathered successfully, the vote will legally have to happen, and so will the conversations and debates, eventually informing and educating better everyone in Switzerland, and hopefully worldwide, as we set the example,” Bennaim said.
“We hope the vote will be successful, but even if it isn’t, it will already be a success if the topic is brought to the public debate,” he noted.
If the poll passes, the Swiss National Bank, or SNB, would need to learn how to add Bitcoin to its reserves in the "best and safest way," making Switzerland one of the world's leading nations in the business and benefiting its economy on many levels, according to Bennaim.
“Such an addition to the constitution would affect people in Switzerland in a similar way the Silicon Valley and the London Stock Exchange have benefited the people of their respective countries.”
According to co-chair Bennaim, the project might take months or maybe years before a vote is held.
Switzerland Emerged World's Most Crypto-Friendly Countries
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 privacy of its members, the think tank has fewer than 20 members and does not take donations.
Switzerland has emerged as one of the world's most crypto-friendly countries, with the canton of Zug pioneering Bitcoin payments for public services in 2016.
The Swiss Financial Market Supervisory Authority authorized the country's first crypto fund last month after granting permission to the SIX Swiss Exchange to create digital asset management.