Samuel Kullmann, a member of the Swiss parliament, is spearheading a campaign to include Bitcoin in the country’s central bank reserves. This ambitious initiative requires 100,000 signatures to trigger a constitutional referendum.
Kullmann has been actively promoting the Bitcoin agenda in the legislative house and public forums. His efforts have already yielded results, with a proposal submitted to the Swiss National Bank (SNB) to hold a portion of its reserves in both gold and Bitcoin.
SNB Chairman Expresses Skepticism
Despite growing crypto support in Switzerland, SNB Chairman Martin Schlegel remains cautious about incorporating cryptocurrencies into the national reserve. He views Bitcoin and Ether as niche phenomena, emphasizing the continued importance of cash in the Swiss payment system.
Schlegel acknowledged the significant growth of cryptocurrencies but raised concerns about their volatile nature, high energy consumption, and potential for illegal activities.
From Neutral to Constitutional
The push to constitutionalize Bitcoin in Switzerland is gaining momentum. The Canton of Bern parliament recently approved a motion to explore utilizing surplus energy for Bitcoin mining to stabilize electricity bills.
Kullmann’s proposal, backed by five political parties, was passed by the Grand Council despite government opposition. This victory has bolstered Kullmann’s confidence in achieving referendum success and ultimately integrating Bitcoin into the Swiss constitution.
January 2025, Cryptoniteuae
