Bitcoin Advocates in Switzerland Launch Petition For BTC Reserves

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Hey folks.

Based in Switzerland a group of Bitcoin advocates is making a renewed effort in order to convince the Swiss National Bank (SNB) to add Bitcoin in its reserves.

They intend to start a petition to call a referendum to change the nation's constitution, but doing so will need collecting more than 100,000 signatures from Swiss nationals.

The campaign is being led by Yves Bennaim, Chairman and founder of 2B4CH, a non-profit think tank. Yves Bennaim thinks that including Bitcoin to the reserves of SNB would safeguard the country's "sovereignty and neutrality" in the growing uncertain global landscape, he shared with the Swiss news outlet.

According to Bennaim, they are in the final stages of organizational preparations for the committee and the necessary documents to be forwarded to the State Chancellery.

However, the process has its challenges.

The constitution of Switzerland specifies that a referendum can only be held if at least 100k Swiss citizens sign a petition within the time period of 18 months. The requirement posed hardships for 2B4CH during their first attempt back in October 2021.

With the intention of changing Article 99-3 of the Swiss Federal Constitution to incorporate Bitcoin as a reserve currency, they started the "Bitcoin Initiative" at that time.

Switzerland has 8.77 million residents, therefore roughly 1.15% of the country's citizens must sign the petition in order for it to be approved.

I have already shared about how the crypto community should combine, and choose people from among themselves who could present the crypto community on a global level and also work on how to make authorities regulate the industry acceptable to both parties.

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