The Swiss National Bank is asked by activists to increase its bitcoin holdings
- The Swiss National Bank is being asked by an advocacy organization in Switzerland to include bitcoin in its reserves.
- The oldest cryptocurrency in the world is being fought for by Swiss bitcoiners to be included in the reserves of their central bank.
According to the Swiss daily Neue Zürcher Zeitung, the advocacy group is stepping up its attempts to persuade members of the Swiss National Bank (SNB) to include bitcoin in its holdings on the grounds that doing so will safeguard Switzerland’s economic independence. At a meeting on April 26, proponents of Bitcoin will pitch the concept to an SNB committee.
The team behind the effort, led by Bitcoin Yves Bennaïm, Association Switzerland board member, is getting ready to submit proposal documents to Switzerland’s State Chancellery, a prerequisite for pitching the SNB, he told local media.
According to NZZ, the purpose of the suggestion is to initiate a discussion on how the country’s monetary policy may be used to “protect [Swiss] sovereignty and neutrality.”
The group’s idea collaborator, Luzius Meisser, asserts that strengthening Switzerland’s decoupling from the European Central Bank (ECB) will result from the addition of Bitcoin to the SNB’s reserves.
By adding Bitcoin in its reserves, Switzerland would declare its independence from the European Central Bank. Luzius Meisser, president of asset management firm Bitcoin Suisse, told regional media that the action will “strengthen our neutrality.”
Bitcoin proponents have previously made the case for adding the cryptocurrency to the SNB’s reserves. According to NZZ, an advocacy group proposed in 2022 that the SNB purchase bitcoin for one billion Swiss francs per month in place of German government bonds.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
