2B4CH, a Swiss nonprofit think tank that helps the state explore cryptocurrencies like Bitcoin (BTC) and blockchain technology, is launching an initiative that could make Bitcoin one of the country’s reserve assets .
Friday, the association announcement plans to launch a popular federal initiative by collecting 100,000 signatures for the introduction of Bitcoin to Article 99 paragraph 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 change the constitutional clause to: “The Swiss National Bank will create sufficient foreign exchange reserves from its revenues; part of these reserves will be held in gold and Bitcoin.
The success of the vote is not really relevant, as the initiative is focused on collecting signatures for this proposal to be presented to Swiss citizens to vote on, 2B4CH founder and chairman Yves Bennaim told Cointelegraph.
“If the signatures are successfully collected, the vote will have to legally take place, as will the conversations and debates, to eventually better inform and educate everyone in Switzerland and hopefully around the world, as we give the example,” Bennaim said. “We hope the vote will be a success, but even if it is not, it will already be a success if the subject is brought to public debate,” he noted.
If the vote is successful, the Swiss National Bank, or SNB, will have to learn how to add Bitcoin to its reserves, storing it in the “best and safest way,” which would make Switzerland one of of the world’s leading nations in the industry and benefits its economy on many levels, Bennaim said, adding:
“Such an addition to the constitution would affect the Swiss in the same way that Silicon Valley and the London Stock Exchange have benefited the people of their respective countries.”
According to Bennaim, 2B4CH is still at the preliminary stage of the project, now testing the potential interest of the initiative. The next steps include presenting the project to the confederation and officially collecting signatures. “When this phase is successfully completed, it will be months, if not years, before the vote actually takes place,” Bennaim said.
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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 as well as the impact of decentralized cryptocurrencies. The think tank has fewer than 20 members to date and does not accept donations to protect its independence and member privacy.
Switzerland has become one of the most crypto-friendly countries in the world, with the Canton of Zug piloting Bitcoin payments for utilities in 2016. Last month, the Swiss Financial Market Supervisory Authority approved the first The country’s crypto fund after authorizing the SIX Swiss Exchange is launching a digital asset marketplace.