Swiss Bitcoin Advocates Launch Petition Urging National Bank to Hold BTC Reserves

A group of Bitcoin enthusiasts based in Switzerland is making a renewed effort to convince the Swiss National Bank (SNB) to include Bitcoin in its reserves. 
Their plan involves launching a petition to initiate a referendum that would seek to amend the country’s constitution, which will require gathering over 100,000 signatures from Swiss citizens.

Yves Bennaïm, the founder and chairman of 2B4CH, a non-profit think tank leading the campaign, believes that adding Bitcoin to the SNB’s reserves would safeguard Switzerland’s “sovereignty and neutrality” in an increasingly uncertain global landscape, he told to the Swiss news outlet Neue Zürcher Zeitung (NZZ).

2B4CH Finalizing Preparations for the Necessary Documents

Bennaïm said that they are finalizing the organizational preparations for the committee and the necessary documents to be submitted to the State Chancellery.
However, the process is not without its challenges. 
The Swiss constitution stipulates that a referendum can only be held if at least 100,000 Swiss citizens sign a petition within 18 months. 
This requirement posed difficulties for 2B4CH during their first attempt in October 2021. 
At that time, they launched the “Bitcoin Initiative” with the goal of amending Article 99-3 of the Swiss Federal Constitution to include Bitcoin as a reserve currency.
With a population of 8.77 million in Switzerland, approximately 1.15% of the locals need to support the petition by signing it. 
Luzius Meisser, president of Bitcoin-focused trading platform Bitcoin Suisse, who is assisting Bennaïm in this initiative, believes that including Bitcoin in the SNB’s reserves would signify Switzerland’s independence from the European Central Bank and enhance its neutrality.

Meisser to Discuss Benefits of Adding Bitcoin to Balance Sheet

Meisser will have an opportunity to present the benefits of adding Bitcoin to the SNB’s balance sheet during a meeting scheduled for April 26. 
However, he will only have three minutes to make his case. 
In the past, Meisser attempted to persuade the central bank to allocate 1 billion Swiss francs ($1.1 billion) each month to Bitcoin as an alternative to German government bonds in March 2022. 

Unfortunately, SNB Chair Thomas Jordan reportedly stated in April 2022 that Bitcoin did not meet the requirements to be considered a reserve currency.
Meisser argues that Switzerland would currently be 30 billion Swiss francs ($32.9 billion) richer if the central bank had followed his suggestion in 2022. 
He also warns that delaying the move could result in other central banks acquiring Bitcoin at significantly higher prices, leaving Switzerland at a disadvantage.
The NZZ article discussing the petition has garnered support from Joana Cotar, a German politician and Bitcoin activist who strongly opposes a European Union-backed digital currency. 

Hahaha.
Jap.
Genau das!#Freiheit, deshalb #Bitcoin https://t.co/gJwitYCmko
— Joana Cotar (@JoanaCotar) April 21, 2024

As reported, Western Europe has emerged as a leading region in global crypto adoption, attracting a substantial number of daily traders, ranging from 1.2 million to 1.5 million individuals.

Germany and France are at the forefront of activity in the region, while Austria has
experienced the most significant yearly growth, witnessing a remarkable 70% surge in users. 

New surveillance law, Privacy, and Security Concerns

The bill, Reforming Intelligence and Securing America Act, has received overwhelming support from bipartisan representatives, Sullivan added as a National Security Adviser. It is hoped that it will provide a further constitutional check on the use of Section 702 to prevent national security risks. 
Such an inheritance gives rise to all intelligence and law enforcement agencies, such as the NSA, the FBI, and the CIA, being able to examine foreign communications without a warrant, which some suppose could eventually lead to direct surveillance of U.S. citizens. Thus, this raises the concern of privacy and security.
A distinct divide between the two prominent factors of national security and personal privacy rights was well-illustrated by a legislative process. Although the bill drew widely spread backing mainly because it served as a means to fight terrorism and protect national security, opponents claimed that the bill had the possibility of abusing the powers of surveillance activities. The most notable among the critics was Elizabeth Goitein from the Brennan Center for Justice, who found the bill’s nominal reform inadequate for defending civil rights.

Impacts of the Law on Internet Service Providers 

The bill passed the House; nonetheless, it generated dispute; an amendment that asked security agencies to obtain a warrant for internet-based surveillance occasionally failed in the House. This move was a visible reflection of the ever-growing challenges that must be overcome to achieve the right balance between the need for safety and privacy.
As the implications of Internet service providers and privacy regulations continue to evolve, the need for robust surveillance policies and rigorous implementation of these safeguards becomes increasingly prominent. Under Section 702 renewal, the U.S. intelligence agencies may also demand providers like Google or Verizon to display internet users’ data for investigative purposes, thus expanding data collection techniques from their national criteria.
This capability raises concerns for consumer rights activists, who fear that the new law would require many internet service providers whose duties are unclear to pivot to government spying.

For this reason, the White House says that this very specific act, the Reforming Intelligence and Securing America Act, has included the smartest and most powerful set of changes concerning oversight, privacy, and civil liberties. These initiatives are designed to balance the rising demand for intelligence with the desire to respect individual privacy rights.
After the law is implemented, discussions on the right balance between national security and privacy will continue, raising several areas of concern like policy, governance, and citizen rights. This continuing dialogue is highly likely to impact the making of laws and, as a result, judicial decisions related to privacy in the United States.

Thailand to Block Access to 'Unauthorized' Crypto Platforms

The Thai SEC cited earlier decisions by nations like India and the Philippines in blocking unauthorized platforms.

• Thai authorities have decided to block “unauthorized” crypto platforms.
• The authorities have not named the entities they see as unauthorized, but have asked users to quickly withdraw their assets.

Authorities in Thailand have decided to block “unauthorized” crypto platforms to increase the efficiency of law enforcement in solving the problem of online crime, according to an announcement on Friday.
After a meeting of the Technology Crime Prevention and Suppression Committee, Thailand’s Securities and Exchange Commission or SEC was ordered to submit information on unauthorized digital asset service providers to the Ministry of Digital Economy and Society to block access to the platforms.
The SEC has considered the impact on users, and will give them time to manage their accounts before being unable to use the service, the announcement said.

“Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform,” the announcement said. The Thai SEC also cited earlier decisions by nations like India and the Philippines in blocking unauthorized platforms.
Thailand’s regulators have been attempting to find the balance between supporting the crypto ecosystem and preventing fraud. On the one hand, it has allowed institutional investors and very high-net-worth individuals to invest in crypto exchange-traded funds (ETFs) and allowed retail investors to invest without limits in digital tokens backed by real estate or infrastructure, but on the other hand, it has said custodians need to have a contingency plan if something goes wrong.