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International Business Times
International Business Times
Business
Marvie Basilan

Everything We Know About The Bitcoin Initiative Pushing Swiss Central Bank To Buy $BTC

Bitcoin Switzerland Crypto SNB
A group of crypto enthusiasts and experts are urging the Swiss central bank to hold Bitcoin as part of its reserves aside from gold. (Credit: AFP)

KEY POINTS

  • The initiative is now allowed to collect 100,000 signatures from Swiss citizens before it gets to a nationwide vote
  • The goal is to amend part of Article 99 of the Swiss constitution to make the central bank buy $BTC
  • There are mixed reactions in the crypto space, but many are hopeful it can set the stage for other countries to follow suit

The Swiss National Bank (SNB) is being urged to hold part of its reserves in Bitcoin for high returns, and while the non-profit pushing for the initiative scored a win earlier this week, it may be a long journey toward actually getting Switzerland's central bank to adopt the initiative.

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