CRYPTO

The Swiss think tank began voting to add bitcoin to the federal constitution

2B4CH, a Swiss non-profit think tank that assists the state in exploring cryptocurrencies such as Bitcoin (BTC) and blockchain technology, is launching initiatives to develop potential Bitcoin as the country’s reserve asset.

Oct October, association Announced Article 99 3 of the Swiss Federal Constitution plans to launch a federally popular initiative aimed at collecting 100,000 signatures for the introduction of Bitcoin.

The initiative specifically proposes to add Bitcoin to the list of assets under the Swiss central bank, which would read the article of the constitution as follows: “The Swiss National Bank shall create adequate currency reserves from its revenues; Some of this reserve will be kept in gold and bitcoin.

But whether the vote is successful or not is not really relevant, as the proposal is focused on collecting signatures to present the proposal to Swiss citizens to vote, 2B4CH founder and chair Ives Benaim told Cointelegraph.

“If the signatures are successfully collected, the vote will be legal, and so there will be conversation and debate, ultimately better informing and educating everyone in Switzerland, and hopefully worldwide, as we have set an example,” Benaim said. “We hope the vote will be successful, but even if it is not, it will already be successful if the issue is brought into public debate,” he said.

If the vote succeeds, the Swiss National Bank, or SNB, will have to learn how to add Bitcoin to its reserves, holding it as the “best and safest way” to make Switzerland one of the world’s top industries and benefit its economy in many ways. Benaim added:

“Such an addition to the constitution would affect the people of Switzerland in the same way that the Silicon Valley and the London Stock Exchange have benefited the people of their respective countries.”

According to Benaim, 2B4CH is still in the early stages of the project, now examining the potential interest of the enterprise. Subsequent steps include presenting the project to the Confederation and formally collecting signatures. “When this episode ends successfully, it will take months or years before the vote is taken,” Benaim said.

Related: More countries to follow El Salvador’s bitcoin move, Cardano maker says

Founded in Geneva in 2017, 2B4CH is an independent nonprofit association that studies the social and financial transformation brought about by Bitcoin and blockchain technology as well as the effects of decentralized cryptocurrency. The think tank counts less than 20 members so far and does not accept grants to protect members’ freedom and privacy.

Switzerland has emerged as one of the most crypto-friendly countries in the world, with the canton of Big Coin Payment Jug for public service in 2011. The Swiss Exchange will launch a digital asset marketplace.