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A new initiative is calling for the Swiss National Bank (SNB) to diversify its reserves by including bitcoin alongside gold. The proposal, published by the Swiss federal chancellery on Tuesday, seeks a legislative amendment to mandate the central bank’s partial reserve allocation to the cryptocurrency.
The initiative, championed by a group of 10 individuals, including prominent Swiss cryptocurrency advocates, has 18 months to gather 100,000 signatures to qualify for a public referendum under Switzerland’s direct democracy framework.
If successful, the referendum would offer Swiss citizens the opportunity to decide on the adoption of bitcoin as part of the central bank’s reserve strategy.
SNB’s Position on Cryptocurrencies
The SNB has historically expressed caution regarding cryptocurrencies. The central bank’s chairman recently voiced skepticism about digital assets like bitcoin and ether, citing concerns over their volatility and role in the financial system.
A Step Toward Financial Innovation?
Switzerland frequently holds referendums on proposed legislative changes, reflecting its strong tradition of citizen participation in governance. If this initiative moves forward, it could mark a significant shift in how central banks approach digital assets and reserves, positioning Switzerland as a global leader in cryptocurrency integration.
Supporters of the initiative view the proposal as an opportunity to blend traditional financial stability with the innovation of blockchain technology. Critics, however, remain wary of the risks associated with cryptocurrencies.
The outcome of this initiative could set a precedent for other nations considering similar moves.
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