Critical Bitcoin Development Taking Place in Switzerland: Referendum Path Opened!

Switzerland took a significant step towards strengthening Bitcoin's role in the financial system.

The proposed federal initiative 'For a Financially Strong, Sovereign, and Responsible Switzerland (Bitcoin Initiative)' officially published in the Swiss Federal Gazette, marks the beginning of the signature collection process for a nationwide referendum.

An initiative presented by a special committee aims to amend the Swiss constitution to include Bitcoin as part of the country's monetary reserves. Specifically, the Swiss National Bank (SNB) will be required to hold some of its currency reserves in Bitcoin, in addition to its existing gold assets.

The initiative aims to strengthen Switzerland's financial sovereignty and economic power by integrating Bitcoin into the country's monetary policy framework. According to the published text, the proposal includes provisions to ensure compliance with legal requirements, such as providing detailed instructions for signature collection and measures against fraud.

The basic provisions of my initiative include the following:

• It is necessary for the Central Bank to maintain sufficient foreign exchange reserves from its profits.
• A condition of holding some of these reserves in both gold and Bitcoin.
• The steering committee confirmed that the final version of the text is available in the three official languages of Switzerland, which are German, French, and Italian.

In order for my initiative to be put to a nationwide referendum, Swiss citizens need to gather at least 100,000 valid signatures within the specified time period. The signature forms have been carefully designed to meet legal standards, including clear instructions for signatories and the inclusion of a withdrawal clause.