Will be a referendum about the legalization of BTC in Switzerland?

Swiss non – profit company specializing in blockchain and cryptocurrencies 2B4CH in tweet announced an effort to propose a referendum. They seeks approval for the inclusion of BTC in the federal constitution of Switzerland. As the company explained, the purpose of this tweet is to find out if it is possible to reach a sufficient number of people who support BTC.

Referendum about the legalization of BTC, a step into the future?

According to the company, there are at least 100,000 supporters of BTC and cryptocurrencies in Switzerland who could give the referendum a “yes” and significantly support its eventual approval. Switzerland has long been considered one of the most pro-crypto countries and is home to many companies and institutions related to cryptocurrencies.

In September 2020, the Swiss parliament approved a law on distributed electronic registers, which allows cryptocurrency companies to token in shares, bonds and other financial instruments.

Zug, the small capital of the canton of the same name, has long since become the main center of crypto companies from all over the world. It is called “Crypto Valley”, also thanks to a very favorable tax system. For about a year now, it has also been possible to pay taxes in the Swiss canton using BTC and Ethereum.

Switzerland was one of the first countries in the world to pass a law regulating cryptocurrencies.

Referendum 2018

In June 2018, a referendum on monetary sovereignty was held, in which almost 500,000 Swiss citizens voted in favor of a financial system that will no longer be regulated by banks. This referendum prevented banks from “creating” money electronically when lending beyond their cash reserves.

It seemed obvious to many that the referendum was a clear support for the cryptocurrency system. The reason is that it helped to remove the monopol on money creation from the banking system, which was not very much in favor of digital currencies in Switzerland either. The Swiss Banking Association’s statement on the outcome of the referendum at the time was harsh, stating:

“The Swiss Bankers’ Association resolutely rejects the full-money initiative. The current monetary and financial system offers undeniable benefits and has shown that it works very well for the people and economy of the country. “

In the last two years, even the Swiss banking system seems to have changed its mind about cryptocurrencies, as many financial institutions have opened up to trading.

In September, the Swiss Financial Market Supervisory Authority (FINMA) approved the Crypto Market Index Fund, the country’s first cryptocurrency investment fund. This means that Swiss mutual funds will now be able to offer their clients direct exposure to cryptocurrency-related instruments.

This new referendum, if approved, could be an important new step towards mass acceptance of cryptocurrencies in the country.