Switzerland’s campaign to mandate Bitcoin reserves at the Swiss National Bank has officially failed after organizers missed the signature target for a national referendum. The proposal sought to place the cryptocurrency alongside gold and foreign currencies. This outcome highlights ongoing debates across Europe regarding crypto’s role in central bank strategies, even as Swiss financial firms like AMINA Bank continue expanding blockchain-based services.
The campaign to add Bitcoin to the Swiss National Bank’s reserves has ended after organizers failed to collect enough signatures for a referendum. The proposal would have required the central bank to hold the cryptocurrency as a reserve asset.
Proponents argued it would reduce dependence on the U.S. dollar and euro. Campaign founder Yves Bennaim dismissed liquidity concerns, citing the billion-dollar transactions that occur daily in international crypto exchanges.
The failed attempt underscores a policy rift in Europe over including cryptocurrencies in central bank reserves. Institutions like the European Central Bank have emphasized that reserve assets must be liquid and safe, with Bitcoin’s price volatility adding to their caution.
Despite the referendum failure, Switzerland’s crypto industry continues to advance. AMINA Bank recently became the first FINMA-registered bank to offer custody and trading for Canton Coin, providing access to the Canton Network.
Other major firms backing the Canton Network include Goldman Sachs, Visa, and Citadel. Separately, Swiss banker Marc Syz plans to develop Future Holdings AG into Europe’s leading Bitcoin treasury company, as reported by Bloomberg.
The campaign’s organizers suggested they may launch another initiative in the future. The broader objective was to compel Swiss authorities to evaluate transformative financial technologies.
