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Home»BITCOIN NEWS»Swiss referendum imposes obligation on central bank to hold Bitcoin
BITCOIN NEWS

Swiss referendum imposes obligation on central bank to hold Bitcoin

By Crypto FlexsApril 22, 20244 Mins Read
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Swiss referendum imposes obligation on central bank to hold Bitcoin
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According to local media, a group of Swiss Bitcoin supporters led by Yves Bennaïm are calling for a referendum to amend the Swiss Constitution by mandating the Swiss National Bank (SNB) to include BTC in its foreign exchange reserves along with gold. started.

The proposed amendments to the Swiss Constitution are simple yet profound. Currently, the SNB must “secure sufficient currency reserves from its revenues; Some of these reserves must be held in gold, which now also includes “and Bitcoin.” Although minimally expressed, these changes could lead to significant changes in the country’s financial management.

Will the Swiss Central Bank adopt Bitcoin?

Yves Bennaïm, a figure with deep roots in the Swiss cryptocurrency industry and a member of the Swiss Bitcoin Association Board of Directors, said the plan is not just about changing reserve assets, but a strategic move to “protect our sovereignty and neutrality” in times of uncertainty. It was revealed. global economy. According to Bennaïm, the goal is also to “start a discussion” about Switzerland’s future fiscal direction.

Support comes from within the industry, most notably from Luzius Meisser, President of Asset Management at Bitcoin Suisse. Meisser, who is scheduled to make his case at the SNB’s annual general meeting on Friday 26 April at 10am (CET), said: “Bitcoin is stronger over the long term than euro and dollar investments, which are vulnerable to inflationary pressures. It devalues ​​the SNB’s investment.” He also noted that Bitcoin could serve as a declaration of Switzerland’s financial independence from major central banks such as the European Central Bank.

The plan has garnered attention from various sectors of the financial world. Commenting on the evolving status of Bitcoin in global markets, Leon Curti, head of research at Digital Asset Solutions, said Bitcoin’s classification as a commodity by the U.S. Securities and Exchange Commission means “the SNB has included Bitcoin in Bitcoin.” “It’s legalization that will make the transition easier,” he said. Those reserves.”

From an academic perspective, Professor Gunther Schnabl, director of the Institute for Economic Policy at the University of Leipzig and a former advisor to the European Central Bank, supports this concept. “Government debt has risen sharply in most industrialized countries, raising the risk of default,” Schnable said, emphasizing the precarious state of traditional reserve assets. He advocates Bitcoin as a viable tool for risk diversification within the SNB’s foreign exchange reserves.

However, not all feedback is positive. Critics point to Bitcoin’s historical volatility and regulatory uncertainty still surrounding the digital currency. They argue that such characteristics may be inconsistent with the traditionally conservative strategies adopted by central banks.

Swiss National Bank could become $32.9 billion richer

Two years ago, outgoing SNB chairman Thomas Jordan dismissed a similar proposal, saying Bitcoin did not meet currency reserve requirements “from the current perspective.” The SNB has not yet commented on whether its position has changed in light of the new proposals and the evolving regulatory and economic environment.

Luzius Meisser estimates that, given past Bitcoin price rises, an aggressive purchasing strategy could have significantly increased Switzerland’s reserves. “If the SNB started buying 1 billion Swiss francs worth of Bitcoin every month starting in 2022, Switzerland would be about 30 billion francs ($32.9 billion) richer today,” Meisser claims, adding that the likes of the German government It cited Bitcoin’s strong performance compared to traditional assets. bond.

In Switzerland, any citizen can hold a referendum on constitutional amendments if they gather 100,000 valid signatures from fellow Swiss citizens. If successful, this referendum could not only impact Switzerland’s fiscal strategy but also serve as a benchmark for other countries. As the SNB prepares for its upcoming annual general meeting, all eyes will be on how it handles this unprecedented proposal.

At press time, BTC was trading at $66,254.

BTC price, 4-hour chart | Source: TradingView.com BTCUSD

Featured image created with DALL·E, TradingView.com chart

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