Switzerland is moving towards adding Bitcoin to its national reserves.

Reports indicate that the Swiss chancellery has begun to implement a proposal to add Bitcoin to the Swiss national reserves (a proposal made by a coalition of ten Swiss cryptocurrency advocates aimed at amending the Swiss federal constitution to include the Swiss National Bank holding Bitcoin alongside gold as part of its cash reserves).

The initiative requires collecting 100,000 signatures to move forward with this amendment, having been submitted on December 5 and officially registered in the Swiss federal official journal on December 31, allowing for an 18-month period to gather the necessary signatures. The proposal needs the support of 1.12% of the Swiss population, which is approximately 100,000 people, to be submitted to the Swiss Federal Assembly for review.

The proposal (titled "For a financially sound, sovereign, and responsible Switzerland") aims to amend Article 99, paragraph 3 of the Swiss federal constitution to add a clause stating that the Swiss National Bank retains part of its cash reserves in the form of gold and Bitcoin.

Reports suggested that these developments may indicate that Switzerland could be on its way to officially adopting Bitcoin in its cash reserves, thereby enhancing its financial independence and its ability to face global economic fluctuations.

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