Swiss non-profit suppose tank 2B4CH plans to launch a referendum proposal to have Bitcoin as a part of Switzerland’s Federal Constitution.
Under Swiss legislation, “popular initiative” referendums are triggered upon reaching 100,000 signatures. 2B4CH is trying to drum up assist on the grassroots degree to fulfill this criterion.
🇨🇭We are planning to begin a Federal Popular Initiative. Can we attain 100k Bitcoin-friendly Swiss nationals?
If you vote in Switzerland & you want #Bitcoin, please reply under and @ 1 or extra mates who are also BTC fanatics.
RT for publicity additionally appreciated. Thank you.
— 2B4CH (@2B4CH) October 8, 2021
The previous few months have seen a number of nations, together with El Salvador, and to a lesser extent Ukraine, formally undertake pro-Bitcoin positions on the governmental degree.
However, the explanation for this was as a consequence of uncooked offers each nations obtain when coping with worldwide legacy buildings. Given that Switzerland is an important participant in banking, the largest impediment confronted by 2B4CH is the dearth of political will to rock the boat.
What are the possibilities of a Bitcoin referendum occurring?
It’s nonetheless early days for 2B4CH’s marketing campaign to herald Bitcoin as a part of Switzerland’s Constitution. So early that the group mentioned they’d not defined the content material of their initiative.
What’s extra, they freely admit that they’re “not too optimistic” about getting their plans handed into legislation. Instead, they are saying, for now, the concept is to set out the feelers and convey about dialog and debate on the subject.
“We are not too optimistic about getting a law actually passed, but the goal is to get 100k signatures, to open a public conversation and open debate.“
Although they previously stated that they had not defined their initiative, they later said one possible idea is to include Bitcoin, alongside gold, as part of the Swiss National Bank’s reserve assets.
– One possible fairly simple idea would be the one originally put forward by @res_fluidfi to add BTC to Article 99 Clause 3 of the Federal Constitution. The SNB is mandated to hold gold as a monetary reserve asset and the initiative is simply to add the words “and Bitcoin (BTC)”.
— 2B4CH (@2B4CH) October 9, 2021
Is the Swiss government pro-crypto?
The Swiss government’s attitude towards Bitcoin and cryptocurrency is generally positive.
Both the government and financial watchdog (FINMA) acknowledge the benefits of blockchain technology in driving innovation. So much so that Switzerland is aiming at becoming a global leader in this sector.
As a testament to this, in 2017, the Crypto Valley Association set up a base in the canton of Zug located in central Switzerland.
In explaining why Switzerland was chosen, the Association spoke of a number of benefits including privacy culture, world-class infrastructure, and access to global markets. But perhaps most important, from the perspective of a crypto organization, is the country’s secure and predictable legal framework.
“Switzerland has a strong tradition of legal security, predictability and protection of intellectual and property rights.”
Swiss legislation doesn’t outline cryptocurrency or digital belongings. But it acknowledges that they will take the function of cash and be used as cost for items and providers. However, present laws stops in need of classifying it as authorized tender.
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