Swiss Legislator Pushes for Referendum Plan to Add Bitcoin to Constitution

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

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Swiss Bitcoin reserve

Swiss lawmaker Samuel Kullmann is pursuing an effort to include Bitcoin in the Swiss constitution, crypto advocate Dennis Porter reveals.

The legislator is pushing for a referendum plan, which would require collecting 100,000 signatures within 18 months in order to vote on adopting Bitcoin as a part of Swiss constitution.

“Even collecting the 100,000 signatures within the 18 months will be a huge victory for Bitcoin, Porter wrote on X. “It will result in every single Canton level member of Parliament to get educated on Bitcoin.”

Dennis Porter, CEO of Satoshi Act Fund, learnt Kullmann’s plans during a panel in Switzerland. The proposal to add Bitcoin in the constitution has entered the Swiss federal government review stage.

“It will be a lot of work and I know it’s a long-shot, but we need to be taking shots at the end zone now when we have the momentum.”

The plan arrives simultaneously with the Swiss federal chancellery initiating a new proposal to mandate Swiss National Bank to add Bitcoin to its monetary reserves.

Swiss National Bank Skeptical About Buying Bitcoins

The central bank chairman, Thomas Jordan, said in April 2024 that the bank is skeptical about holding Bitcoin reserves. His remarks came despite campaigners urged to change Swiss law, allowing cryptos to be added to its reserves.

“We have not yet decided that we want to invest in bitcoin. Actually for good reasons,” he said at the time. “Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them.”

However, given the sudden spike in the price of Bitcoin recently, thanks to Trump’s pro-crypto win, Swiss-based Bitcoin advocates submitted a proposal to push the initiative of Bitcoin reserves. The proposal, submitted on December 5, represents years of preparation.

Additionally, the city of Lugano in Switzerland has around 260 merchants accepting BTC. The city has been driving Bitcoin adoption by accepting tax payments in cryptos, including BTC and Tether (USDT).

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