Source: Blockchain Knights

A Cryoto asset advocate group in Switzerland is urging consideration of including BTC in reserves.

The Swiss Federal Chancellery initiated the process to obtain the required number of signatures to push for an amendment to the constitution to allow Swiss banks to establish BTC holdings.

Before expiration in 2024, the Swiss Federal Chancellery’s Office began to promote the proposal to include Crypto assets on the balance sheet.

The state-run institution stated that the proposal aims to amend certain provisions of the Swiss Federal Constitution to allow Swiss banks to purchase BTC as part of European reserves.

After studying the prospect, the Swiss Federal Chancellery launched the process of the Crypto Asset Initiative, saying that the proposal formally meets legal requirements.

The agency stated on the Fedlex website: “This initiative meets the conditions set out in Article 69, paragraph 2, of the Federal Code of Rights of December 17, 1976. The purpose is to establish a fiscally sound, sovereign and responsible Responsible Switzerland.”

The initiative needs to collect around 100,000 signatures from the Swiss public to push for a constitutional amendment that would require the Swiss National Bank to include BTC as part of its currency reserves, along with gold.

The Swiss Federal Chancellery aims to obtain the required number of signatures by June 30, 2026 to advance the project Proposal to amend Article 99, paragraph 3, of the country's federal constitution

The initiative would add the following clause: adding a "bank" to the Swiss federal constitution to use its own income to establish sufficient currency reserves.

A portion of these reserves consists of gold and BTC, giving the Swiss National Bank the power to purchase top digital assets as reserves.

The report stated that to implement the constitutional amendment, Crypto asset advocates must obtain the support of approximately 1.12% of the Swiss population, or 8.92 million citizens.

Once this threshold is reached, the initiative will be submitted for review to the Swiss Federal Assembly, Switzerland’s bicameral parliament.

The proposal was submitted by 10 Crypto asset advocates in Switzerland to urge Switzerland to adopt BTC in its reserves.

These advocates include Tether Vice President of Energy and Mining Giw Zanganeh and 2B4CH founder Yves Bennaïm.

However, the Swiss Bank still maintains a conservative stance on Crypto assets and is worried about the risks caused by the central bank's adoption of BTC.

Martin Schlegel, chairman of the Swiss Bank Board of Governors, believes that BTC and other digital assets are still regarded as a "niche phenomenon," adding that Crypto assets are criticized for their volatility and association with illegal activities. And there are limitations.