The National Bank of Switzerland could start holding BTC on its reserves following the pressure of a local Swiss-based Bitcoiners group.
The Swiss-based Bitcoiners group led by ‘24BCH’ are trying to change the country’s constitution by holding a referendum. To move forward with their petition, the group will have to convince 100,000 locals to sign a petition.
Yves Bennaïm, founder and chairman of 2B4CH explained that adding Bitcoin to the central bank’s reserves would help protect the country’s sovereignty and neutrality” in an increasingly uncertain world.
In October 2021, the group led by 2B4CH tried to get the signatures for creating the referendum and they failed, now they are working on a new attempt.
“We are in the process of completing the organizational preparations for the committee and preparing the documents that must be submitted to the State Chancellery to start the process,” Bennaïm told Swiss news outlet Neue Zürcher Zeitung (NZZ) on April 20.
The Crypto Industry Evolution in Switzerland
The crypto industry in Switzerland is growing rapidly, according to Statista, the crypto market is expected to show an annual growth rate (CAGR 2024-2028) of 5.76% resulting in a projected total amount of US$648.0m by 2028.
The Swiss nation has been called the Crypto nation, due to its crypto-friendly regulation and local crypto industry.
The country was among the first countries to recognize the potential of cryptocurrencies and blockchain. In 2016, the city of Zug, also known as “Crypto Valley,” became the first in the world to accept Bitcoin as a means of payment.
The crypto early adoption in the country was followed by crypto-friendly regulations, the local authorities created different Sandbox regimes to help the crypto and fintech ecosystem to develop.
The Crypto Valley includes regions like Zug, Zurich, Lugano, and Geneva being considered one of the most important crypto hubs in the European region, it hosts 1000 companies, including 9 unicorns.
Also Read: Swiss National Bank Explores Crypto and CBDC Possibilities
