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Whether it is successful or not, the vote will provide crypto education to people who are unfamiliar with Bitcoin, according to the founder of 2B4CH.
2B4CH, a Swiss non-profit think tank that assists the government in researching cryptocurrencies such as Bitcoin (BTC) and blockchain technology, is launching an initiative that could make Bitcoin one of the country’s reserve assets.
On Friday, the association announced plans to start a popular federal initiative by collecting 100,000 signatures for the introduction of Bitcoin to article 99 clause 3 of the Swiss federal constitution.
The initiative specifically proposes to add Bitcoin to the list of assets held by the Swiss central bank, which would change the constitutional clause to: “The Swiss National Bank shall create sufficient currency reserves from its revenues; part of these reserves shall be held in gold and Bitcoin.”
Whether the vote is successful is not really relevant, as the initiative is focused on gathering signatures to make this proposal be presented to the Swiss citizens to vote, 2B4CH’s founder and chair Yves Bennaim said.
“If the signatures are gathered successfully, the vote will legally have to happen, and so will the conversations and debates, eventually informing and educating better everyone in Switzerland, and hopefully worldwide, as we set the example,” Bennaim said. “We hope the vote will be successful, but even if it isn’t, it will already be a success if the topic is brought to the public debate,” he noted.
If the vote is successful, the Swiss National Bank, or SNB, will need to learn how to add Bitcoin into its reserves, holding it the “best and safest way,” which would make Switzerland one of the world’s leading nations in the industry and benefit its economy on many levels, Bennaim stated, adding:
“Such an addition to the constitution would affect people in Switzerland in a similar way the 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 in the initiative. The next steps include presenting the project to the confederation and collecting signatures officially. “When this phase is successfully finished, it will take months or even years before the vote is actually taking place,” Bennaim said.
2B4CH is an independent non-profit organisation based in Geneva that studies the social and financial transformations brought about by Bitcoin and blockchain technology, as well as the impact of decentralised cryptos. To protect its independence and the privacy of its members, the think tank has fewer than 20 members and does not accept donations.
Switzerland has emerged as one of the world’s most crypto-friendly countries, with the canton of Zug pioneering BTC payments for public services in 2016. After authorising the SIX Swiss Exchange to launch a digital asset marketplace, the Swiss Financial Market Supervisory Authority approved the country’s first crypto fund last month.