The Swiss National Bank (SNB) has officially rejected a proposal to add Bitcoin to the country's national reserves, a decision that reflects ongoing debates about the cryptocurrency's role in the global financial system. During a shareholders' meeting in Bern on April 28, 2025, Martin Schlegel, the Chairman of the SNB, stated that cryptocurrencies, including Bitcoin, do not currently meet the necessary requirements for a country’s monetary reserves. This decision comes amidst growing pressure from Switzerland's cryptocurrency community, which has been advocating for Bitcoin's recognition alongside gold in the country's reserve assets.
Despite the rejection, the conversation around Bitcoin's potential inclusion in national reserves continues to gain traction. The Swiss cryptocurrency community has proposed a constitutional amendment aimed at changing Article 99, paragraph 3, of the Swiss Constitution. This amendment seeks to alter the existing mandate that requires the Swiss National Bank to hold only gold, allowing for the inclusion of both "gold and Bitcoin." To advance this proposal, advocates must gather 100,000 signatures from Swiss citizens.
The initiative is spearheaded by the non-profit organization 2B4CH, which has garnered support from prominent figures in the cryptocurrency sector, including Jeev Zangana, the Vice President of Tether, the issuer of the USDT stablecoin. Yves Bennaim, the founder of 2B4CH, emphasized the importance of diversifying the SNB's reserves, stating, "We are not suggesting that the bank invest all its money into Bitcoin, but with the SNB holding nearly 1 trillion francs, allocating just 1-2% to a growing asset like Bitcoin could be beneficial."
In addition, Lusius Meisser, a board member of Bitcoin Suisse, argued that holding Bitcoin could mitigate risks associated with political influences from foreign currencies such as the dollar or euro, which may be printed excessively in the future. He pointed out that Bitcoin's limited supply could provide a safeguard against such inflationary pressures.
While the SNB's rejection highlights the cautious approach taken by traditional financial institutions towards cryptocurrencies, it also underscores Switzerland's status as a global hub for the crypto industry. The country is home to Zug, known as "Crypto Valley," and continues to support various cryptocurrency projects. In a recent development, Swiss supermarket chain Spar has begun accepting Bitcoin payments at select locations.
On a different note, the Swiss government is grappling with rising incidents of hate speech and discrimination, as reported by the Committee on Foreign Affairs in Zurich. Also on April 28, 2025, the committee revealed that there were 1,211 reported incidents of hate-related violence, discrimination, and other issues in the past year, marking a staggering 40% increase from 2023. This alarming trend has raised concerns among officials, who cite geopolitical tensions and the increasing willingness of individuals to report such incidents as contributing factors.
The report indicated that 65% of the discrimination cases involved foreign nationals and people of color, with the most significant increase targeting Muslims and Arabs, totaling over 350 cases. Additionally, there were nearly 80 reported incidents against Asians and 66 against Jewish individuals. The majority of these incidents were verbal assaults, with approximately 149 cases of verbal abuse and around 100 cases of physical violence.
Furthermore, the Foreign Office highlighted that one in five reported incidents of violence occurred within educational institutions, including primary and secondary schools. This statistic has prompted calls for more robust foreign policy instruments to address inequality and promote inclusion among diverse communities.
In light of these developments, the Swiss government is considering proposals to enhance the representation of diverse backgrounds within foreign affairs, aiming to foster a more inclusive society. Officials are advocating for the selection of foreign affairs personnel from various backgrounds to reflect the nation’s diversity better.
As Switzerland navigates these complex issues, the juxtaposition of the cryptocurrency debate and the rising tide of hate incidents illustrates the multifaceted challenges facing the nation. The SNB's cautious stance on Bitcoin contrasts sharply with the growing enthusiasm for cryptocurrencies among Swiss citizens, while the increase in hate incidents raises critical questions about social cohesion and equality.
Overall, the discussions surrounding Bitcoin's potential inclusion in national reserves and the alarming rise in hate crimes highlight the evolving landscape of Swiss society. As the country continues to grapple with these issues, it remains to be seen how policymakers will respond to the demands for both financial innovation and social justice.
