Switzerland could become the latest country to consider adopting a strategic Bitcoin reserve as a pro-crypto legislator kicks off a campaign for the course.
As several countries globally have started schemes to adopt Bitcoin as a strategic reserve asset, the Swiss do not plan to be left out. In a recent development, pro-Bitcoin legislator Samuel Kullmann has fronted a campaign that could kickstart the adoption process in Switzerland.
Kullmann introduced a proposal titled “For a financially strong, sovereign, and responsible Switzerland (Bitcoin Initiative)” to advance Bitcoin adoption in the country. According to reports, he and nine other pro-crypto Swiss nationals were the initiative’s progenitors.
Swiss Bulls Wants a Strategic Bitcoin Reserve
Specifically, the initiative aims to oblige the Swiss National Bank (SNB) to amend its constitution regarding currency reserves. The advocates are pushing for the central bank to adopt scarce assets like gold and Bitcoin as strategic reserve assets.
Notably, the initiative would require massive amounts of sign-on to see the broad daylight. Per reports, the proposal must collect about 100,000 signatures in 18 months to qualify for a public referendum.
If the initiative received the needed backing, the pioneers would present it to the Swiss Canton parliament for deliberation. Afterward, the legislative body would reach a referendum on the idea’s feasibility.
The initiative followed the nation’s lackluster disposition toward digital assets. For context, SNB chairman Martin Schlegel stated in November that the central bank is wary of assets like Bitcoin and Ethereum.
The former SNB president, Thomas Jordan, also noted two years ago that Bitcoin does not meet the requirement for a currency reserve. However, the rapidly evolving technological landscape and broader adoption of the premier asset could force a sentiment shift if the proposal passes the basic criteria.
The Bitcoin Tsunami Hits Another Country
Meanwhile, Switzerland has become the latest country the herculean Bitcoin tsunami could invade. The asset has been turning countries that once refused it into believers amidst the changing technological landscape.
For one, the United States’ entrance into the mix proved massive. The proposal to adopt Bitcoin as a strategic reserve asset for the country became a national issue following pro-crypto Republican Donald Trump’s November election win.
Since then, Russia, Brazil, and the European Union have teased adopting the innovation. Furthermore, corporate entities have joined the FOMO party, incessantly putting chunks of their reserves into the pioneering cryptocurrency.
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