Swiss Initiative to Enshrine Bitcoin in National Constitution Gains Momentum
by aria-crypto.com
January 2, 2025 at 11:17
Swiss Initiative to Enshrine Bitcoin in National Constitution Gains Momentum
The Swiss Federal Government is currently reviewing a proposal to include Bitcoin in the national constitution, as part of a broader effort initiated by lawmaker Samuel Kullmann to treat the cryptocurrency as part of the national monetary reserves. This move is driven by the potential for elevating Bitcoin's status and ensuring more substantial financial deliberation at every political level. The process requires that advocates collect 100,000 signatures within 18 months to trigger a referendum, a phase that could significantly educate Canton-level parliament members about Bitcoin. Central Bank Chairman Thomas Jordan has expressed skepticism about integrating Bitcoin into Switzerland's currency reserves citing liquidity concerns, yet the impact of recent pro-crypto political developments abroad has reinvigorated local support for the initiative. Additionally, the city of Lugano is pioneering the use of Bitcoin for tax payments and fostering its acceptance across local businesses, showcasing practical applications of cryptocurrencies in everyday transactions. These developments signify Switzerland's commitment to embedding digital currencies within its financial and legislative frameworks, potentially setting a precedent for global financial systems.
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