In the latest development, Switzerland has initiated steps to incorporate Bitcoin (BTC) into its national constitution, joining the club of nations like the U.S. to bring a pivotal shift in the global financial landscape.
On December 31, reports circulated on X that a proposal to integrate Bitcoin into Switzerland’s financial framework had been officially published in the Feuille fédérale, the nation’s legislative gazette.
JUST IN: 🇨🇭 Swiss initiative to add #Bitcoin to the constitution has been published in the Federal Gazette for signatures. pic.twitter.com/CNfQVLLVSa
— Bitcoin Magazine (@BitcoinMagazine) December 31, 2024
This marks the first phase of a historic process, with the proposal now entering the signature collection phase. For the initiative to advance, proponents must secure 100,000 signatures from Swiss citizens within the next 18 months.
Switzerland Take a Step Toward Digital Sovereignty
If successful, the initiative will trigger a national referendum, giving voters the power to decide whether Bitcoin should be enshrined as a constitutional right.
Switzerland, often dubbed the “crypto valley” for its progressive stance on digital assets, has consistently been at the forefront of financial innovation. This proposal could solidify its position as a leader in decentralized finance and set a global benchmark for cryptocurrency adoption at a government level.
Advocates argue that integrating Bitcoin into the constitution aligns with Switzerland’s principles of self-determination and economic security. They believe it could enhance citizens’ financial independence while safeguarding against centralized monetary policies.
Achieving the 100,000-signature milestone will require widespread support from the crypto community. Grassroots efforts, including local Bitcoin meetups and online advocacy campaigns, are already underway to drum up enthusiasm.
However, critics warned that the proposal could face resistance from traditional financial institutions and regulators concerned about potential risks associated with cryptocurrency adoption, which include high volatility and regulatory challenges.
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