Swiss central bank bitcoin reserve push fails over signature shortfall
Swiss campaigners abandoned their push for the Swiss National Bank to hold bitcoin reserves after gathering only half the 100,000 signatures required for a referendum. The initiative sought constitutional amendments allowing the SNB to hold BTC alongside gold reserves as a dollar-euro hedge. The SNB had previously rejected the proposal citing bitcoin's liquidity and volatility concerns as unsuitable for monetary reserves.
Key takeaways
- 1Swiss campaigners abandoned bitcoin reserve referendum push after collecting only ~50,000 of 100,000 required signatures.
- 2Initiative sought to amend Switzerland's constitution requiring SNB to hold BTC alongside gold and foreign-currency reserves.
- 3SNB previously rejected proposal citing bitcoin's liquidity and volatility concerns as unsuitable for monetary reserves.
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Why it matters
This setback demonstrates institutional resistance to crypto integration in formal monetary policy, even in crypto-friendly jurisdictions. For Indian retail investors, it signals that central bank adoption remains distant despite crypto advocates' push for BTC as reserve assets to hedge currency exposure.
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