The Swiss non-profit think tank 2B4CH plans to launch a referendum proposal to include Bitcoin in the Swiss federal constitution.
According to Swiss law, popular initiatives are initiated with 100,000 or more signatures. 2B4CH tries to raise grassroots support to meet this criterion.
🇨🇭We are planning to start a federal people’s initiative. Can we reach 100,000 Bitcoin-friendly Swiss?
If you are voting in Switzerland and like #Bitcoin please reply below and @ 1 or more friends who are also BTC enthusiasts.
RT for exposure is also estimated. Thanks very much.
– 2B4CH (@ 2B4CH) October 8, 2021
In recent months, several countries, including El Salvador and to a lesser extent Ukraine, have formally taken pro-bitcoin positions at the government level.
The reason for this, however, lay in the raw deals that both countries received in dealing with international legacy structures. Given that Switzerland is a major player in banking, the biggest obstacle for 2B4CH is the lack of political will to rock the boat.
What are the chances of a Bitcoin referendum?
2B4CH’s campaign to include Bitcoin in the Swiss constitution is still in its infancy. So early that the group said they hadn’t defined the content of their initiative.
They also openly admit that they are “not overly optimistic” about getting their plans into law. Instead, it is said, the first thing is to put out feelers and stimulate discussions and debates on the topic.
“We’re not overly optimistic about actually passing a law, but the goal is to get 100,000 signatures, open a public discussion and debate.“
Although they previously stated that they hadn’t defined their initiative, they later said a possible idea would be to include Bitcoin alongside gold as part of the Swiss National Bank’s currency reserves.
– A possible, relatively simple idea would be the one originally proposed by @res_fluidfi to include BTC in Article 99 Paragraph 3 of the Federal Constitution. The SNB is mandated to hold gold as a currency reserve and the initiative is to simply add the words “and Bitcoin (BTC)”.
– 2B4CH (@ 2B4CH) October 9, 2021
Is the Swiss government pro-crypto?
The attitude of the Swiss government towards Bitcoin and cryptocurrency is fundamentally positive.
Both the government and the financial supervisory authority (FINMA) recognize the advantages of blockchain technology in promoting innovation. So much so that Switzerland is striving for a leading position worldwide in this area.
As proof of this, the Crypto Valley Association set up a base in the canton of Zug in Central Switzerland in 2017.
When justifying the choice of Switzerland, the association spoke of a number of advantages, including a data protection culture, first-class infrastructure and access to global markets. But perhaps most importantly, from a crypto organization’s point of view, the country’s secure and predictable legal framework is.
“Switzerland has a strong tradition of legal certainty, predictability and the protection of intellectual property rights and property.”
Swiss law does not define any cryptocurrency or virtual assets. But it recognizes that they take on the role of money and can be used as a means of payment for goods and services. However, current legislation will not classify it as legal tender.
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