2B4CH, a Swiss non-profit think tank that works with the state on research into cryptocurrencies such as Bitcoin (BTC) and blockchain technology, launches an initiative to potentially make Bitcoin one of the country’s currency reserves.
October 8th the Union announced their plans to launch a federal popular initiative with the aim of collecting 100,000 signatures for the introduction of Bitcoin in Article 99 paragraph 3 of the Swiss Federal Constitution.
The initiative specifically proposes adding Bitcoin to the list of assets of the Swiss Central Bank, which in the constitutional clause would say: “The Swiss National Bank will use its income to create sufficient currency reserves, some of which will be held in gold and bitcoin.”
But whether the vote is successful or not is not really relevant as the initiative is focused on collecting signatures for this proposal that will be put to the vote for Swiss citizens, 2B4CH founder and president Yves Bennaim told Cointelegraph .
“If the signatures are successfully collected, the votes must take place legally, as well as the conversations and debates, which in the end better inform and educate everyone in Switzerland, and we hope that worldwide, as we set the example.”said Bennaim. “We hope that the vote will be successful, but even if it does not, it will be a success by the time the issue is brought into the public debate,” he said.
If the vote is successful, the Swiss National Bank (SNB) needs to learn how to add Bitcoin to its reservesto keep it in the “best and safest way” which would make Switzerland one of the world’s leading nations in this sector and benefit their economy on many levels, Bennaim said, adding:
“This inclusion in the constitution would affect the residents of Switzerland in a similar way as Silicon Valley and the London Stock Exchange have benefited the residents of their respective countries.”
According to Bennaim, 2B4CH is still in the preliminary phase of the project and is now testing possible interest in the initiative. The next steps include the presentation of the project to the federal government and the official collection of signatures. “If this phase is successfully completed, it will take months or even years for the vote to actually take place.”said Bennaim.
Founded in Geneva in 2017, 2B4CH is an independent non-profit organization that studies the social and financial changes brought about by Bitcoin and blockchain technology, as well as the impact of decentralized cryptocurrencies. The think tank has fewer than 20 members so far and does not accept donations in order to protect its independence and the privacy of its members.
Switzerland has developed into one of the most crypto-friendly countries in the world, and the canton of Zug piloted Bitcoin payments for public services back in 2016. Last month, The Swiss Financial Market Supervisory Authority approved the country’s first cryptocurrency fund after authorizing the SIX Swiss Exchange to launch a digital asset market.