Swiss think tank initiates vote to add Bitcoin in federal constitution

2B4CH is a Swiss non-profit thinktank that assists the state with exploring cryptocurrencies such as Bitcoin (BTC), and blockchain technology. It has launched an initiative to make Bitcoin one of the country’s reserve currencies.

The association announced plans to launch a federal popular initiative to gather 100,000 signatures to introduce Bitcoin to article 99 clause 3 in the Swiss federal constitution.

This initiative proposes to include Bitcoin in the Swiss central bank’s list of assets. The constitution clause would read: “The Swiss National Bank shall establish sufficient currency reserves from its revenues. Part of these reserves shall remain in gold or Bitcoin.”

However, it is irrelevant if the vote is successful as the initiative is focused solely on gathering signatures in order to present this proposal to the Swiss citizens, 2B4CH chair Yves Bennaim explained to Cointelegraph.

Bennaim stated that if the signatures are collected successfully, the vote must legally take place. The conversations and debates will eventually inform and educate better everyone in Switzerland and hopefully around the world, as we have set the example. He noted that while we hope the vote will succeed, even if it doesn’t, the topic will still be a success if it is brought up for public discussion.

The Swiss National Bank (or SNB) will need to learn how Bitcoin can be added to its reserves if the vote is successful. This would make Switzerland one the most prominent nations in the field and help its economy in many ways, Bennaim said.

“Another addition to the constitution would have the same effect on the Swiss people as the Silicon Valley or London Stock Exchange.

Bennaim says that 2B4CH is still in the preliminary stage and testing interest in the project. Next steps will be to present the project to the confederation, and collect signatures. Bennaim stated that it would take months, if not years for the final phase to be completed before the actual vote can be held.

Related: Cardano creator Cardano says El Salvador will follow other countries’ Bitcoin moves

2B4CH was founded in Geneva in 2017. It is an independent non-profit organization that studies the financial and social transformations caused by Bitcoin and blockchain technology. To protect its independence, the think tank has fewer than 20 members and does not accept donations.

Switzerland is one of the most crypto-friendly nations in the world. The canton of Zug started using Bitcoin payments for public service back in 2016, and it has been a leader ever since. After authorizing SIX Swiss Exchange’s launch of a digital asset market, the Swiss Financial Market Supervisory Authority approved last month the country’s first crypto fund.