Plan for a Constitutional Referendum on Bitcoin in Switzerland: Targeting 100,000 Signatures
Samuel Kullmann, a member of the Swiss Parliament, has initiated a plan for a referendum to include Bitcoin in the Swiss Constitution. To realize this plan, 100,000 signatures need to be collected within 18 months. Dennis Porter, a crypto advocate who announced the campaign, stated that this process offers a significant educational opportunity for broader acceptance of Bitcoin across Switzerland.
Kullmann's initiative aims not only to recognize Bitcoin as a constitutional asset but also to encourage its addition to the reserves of the Swiss National Bank (SNB). The proposed referendum plan aligns with the SNB's cautious stance on incorporating Bitcoin reserves and its current monetary policy framework. SNB President Thomas Jordan has expressed concerns regarding the liquidity, sustainability, and volatility risks associated with the use of Bitcoin as a reserve asset.
Growing Support for Bitcoin Reserves
Crypto advocates in Switzerland formally proposed a legislative change on December 5 that would require the SNB to add Bitcoin to its reserves. This proposal has emerged after years of preparation. The increase in Bitcoin's price, particularly following Donald Trump's crypto-friendly policies, has heightened interest in these initiatives.
On another note, the city of Lugano in Switzerland continues to take pioneering steps to make Bitcoin and other crypto assets a more common payment method. About 260 businesses in the city accept Bitcoin, and tax payments can also be made using Bitcoin and Tether (USDT). These developments are raising crypto awareness throughout Switzerland.
Political Support for Constitutional Change Grows
This campaign, led by Samuel Kullmann, gained momentum following a decision made in March 2024 in the Canton of Bern, Switzerland. The canton parliament approved a proposal advocating for the use of Bitcoin mining to balance excessive energy consumption and create economic opportunities. This proposal passed with 85 votes in favor and 46 against, despite resistance from the government council.
This decision has bolstered Kullmann's confidence in making Bitcoin a constitutional asset. Presented with cross-party support, this initiative demonstrates that Bitcoin could undertake a broader economic and social role in Switzerland. The constitutional referendum initiative aims to strengthen the position of cryptocurrencies in the Swiss economy and reinforce the goal of global crypto leadership.
Challenging Process, Major Opportunities
While the process of gathering the required 100,000 signatures for Bitcoin’s recognition as a constitutional asset is challenging, this campaign aims to create widespread awareness across Switzerland. The country’s direct democracy structure provides a unique opportunity for citizens and cantonal representatives to be educated on the subject.
In conclusion, this initiative to incorporate Bitcoin into the constitution and national reserves could further elevate Switzerland's innovative stance on cryptocurrencies. This process could represent a significant turning point for both the local and global crypto ecosystem.