Switzerland’s Federal Chancellery has approved the formal submission of the “Bitcoin Initiative,” a proposed constitutional amendment that would require the Swiss National Bank to hold part of its reserves in Bitcoin (BTC).

The measure now moves closer to a nationwide referendum and comes amid growing interest in sovereign adoption of the flagship asset.

The initiative, formally titled “For a Financially Strong, Sovereign, and Responsible Switzerland,” was filed on Dec. 5, 2024, with support from prominent Bitcoin advocates and financial reformers.

The proposal seeks to amend Article 99 of the Swiss Constitution to mandate the central bank to allocate a portion of its reserves to Bitcoin alongside gold. Proponents argue that Bitcoin’s decentralized and deflationary properties could enhance Switzerland’s financial resilience and sovereignty.

Path to a referendum

The Swiss Federal Chancellery confirmed that the initiative meets all legal requirements, including the collection of valid signatures and compliance with procedural formalities.

Federal Chancellor Viktor Rossi stated:

“The initiative has been verified as adhering to the constitutional and legal framework for a federal popular initiative.”

The Federal Chancellery’s approval does not guarantee the initiative’s implementation. It now requires a review by the Federal Assembly to determine its validity and coherence with Swiss law. If deemed valid and enough signatures are certified, Swiss citizens will vote on the measure in a nationwide referendum.

The initiative is spearheaded by ten individuals, including noted Bitcoin entrepreneurs and legal experts such as Luzius Meisser and Giw Zanganeh. These proponents emphasize the proposal’s potential to bolster financial independence by diversifying Switzerland’s monetary reserves.

Support and Criticism

Advocates of the Bitcoin Initiative view it as a forward-looking step that aligns with Switzerland’s tradition of financial innovation.

Critics, however, warn of the risks associated with Bitcoin’s volatility. They argue that requiring central banks to hold such assets could expose Switzerland’s financial system to unpredictable market swings, potentially undermining its hallmark stability.

The initiative’s passage into law would make Switzerland one of the first nations to constitutionally incorporate crypto into its monetary policy. While the timeline for a referendum has not been confirmed, the measure is expected to generate substantial debate within the country known for its direct democracy and financial leadership.

If approved by voters, the amendment could mark a significant shift in how central banks globally approach digital assets and modernize their reserve strategies.

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