Campaigners in Switzerland have decided to withdraw their proposal aimed at amending the constitution to mandate that the Swiss National Bank (SNB) hold bitcoin as part of its reserves. The initiative fell short, gathering only around half of the 100,000 signatures required to initiate a national referendum.
The proposal sought to integrate bitcoin into the SNB’s monetary reserves alongside traditional assets such as gold and foreign currencies. Advocates had 18 months to collect signatures for the initiative, which was officially listed by the Federal Chancellery as a constitutional amendment.
Supporters of the initiative positioned bitcoin as a stable reserve asset, arguing that it could serve as a safeguard against the risks associated with the Swiss National Bank’s significant holdings in dollar and euro-denominated currencies, which account for approximately 75% of its foreign-currency reserves.
However, the SNB had previously dismissed the idea, citing concerns over bitcoin’s liquidity and volatility as reasons for not incorporating it into their reserves. This rejection, coupled with the insufficient support for the initiative, has effectively put an end to the campaign.
In related developments, leaders from major companies like PayPal and Google Cloud have emphasized the need for improved payment protocols to facilitate the use of cryptocurrencies in commerce. They highlighted the importance of open payment systems and multi-party custody solutions to support the growing demand for digital transactions.
The Swiss campaign to amend the constitution for including bitcoin in the Swiss National Bank's reserves has been abandoned due to insufficient public support. The SNB previously rejected the idea, citing concerns over bitcoin's volatility and liquidity.