2B4CH Proposes Referendum To Swiss Finance Law To Adopt Crypto As Banking Asset

2B4CH proposes Swiss Finance Act Referendum. (photo: doc. unsplash)

JAKARTA - 2B4CH, a Swiss non-profit think tank that helps the country explore cryptocurrencies such as Bitcoin (BTC) and blockchain technology, launched an initiative that could make Bitcoin one of the country's reserve assets.

On Friday, October 8, the association announced plans to start a popular federal initiative by collecting 100,000 signatures for the introduction of Bitcoin to article 99 of clause 3 of the Swiss federal constitution.

The initiative specifically proposes adding Bitcoin to the list of assets held by the Swiss central bank, which would amend the constitutional clause to: “The Swiss National Bank will create sufficient currency reserves from its revenues; part of this reserve will be held in gold and Bitcoin”.

Whether the vote was successful isn't particularly relevant, as the initiative is focused on collecting signatures to have this proposal presented to Swiss citizens to vote, 2B4CH founder and chairman, Yves Bennaim, told Cointelegraph.

“If signatures are collected, a legal vote must take place, as well as conversation and debate, ultimately better informing and educating everyone in Switzerland, and hopefully around the world, as we exemplified”, said Bennaim. "We hope the vote will be successful, but if it doesn't, it will already be successful if the topic is brought to public debate", he said.

If the vote is successful, the Swiss National Bank, or SNB, will need to learn how to add Bitcoin to its reserves, holding it as the “best and safest way,” which will make Switzerland one of the world's leading countries in the industry and benefit its economy on many levels", said Bennaim in a statement.

“The addition of a constitution like that would affect the people of Switzerland in the same way that Silicon Valley and the London Stock Exchange have benefited the people of their respective countries”, Bennaim said, quoted by Cointelegraph.

According to Bennaim, 2B4CH is still in the early stages of the project, now testing potential interest in the initiative. The next steps include presenting the project to the confederation and formally collecting signatures.

"When this phase is completed, it will take months or even years before the vote actually takes place", Bennaim said.

Founded in Geneva in 2017, 2B4CH is an independent non-profit association that studies the social and financial transformations brought about by Bitcoin and blockchain technology and the impact of decentralized cryptocurrencies. The think tank has fewer than 20 members so far and does not accept donations to protect the independence and privacy of its members.

Switzerland has emerged as one of the most crypto-friendly countries worldwide, with the Zug region driving Bitcoin payments for public services in 2016. Last month, the Swiss Financial Markets Supervisory Authority approved the country's first crypto fund after certifying SIX Swiss Exchange will launch a digital asset market.