Switzerland’s campaign to add Bitcoin reserves to the Swiss National Bank has failed after organizers missed the signature target for a national referendum. The proposal sought to place Bitcoin beside gold and foreign currencies in the central bank’s reserves.
Campaigners had 18 months to collect enough public support. They did not reach the required threshold before the deadline. The result ends the initiative for now under Switzerland’s direct democracy system.
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Bitcoin Reserves Debate Widens in Europe
The proposed regulation would have required the Swiss National Bank to keep Bitcoin as one of its reserve currencies. Proponents believed that it would help decrease the dependence on the U.S. dollar and the euro.
As per the Reuters report, this failed attempt highlights the growing rift across Europe. There is still no consensus among policymakers regarding the inclusion of cryptocurrencies in reserve strategies by central banks. The debate has grown as digital assets become more visible in global finance.
Several institutions have been experimenting with blockchain technology. Others have been worried about their liquidity, safety, and volatility issues.
European Central Bank policymakers said that the assets should be liquid, protected, and safe. Bitcoin’s price weakness has added to those concerns. The cryptocurrency has lost around 7.5% this year, following its decline by 6.4% in 2025.
Campaign founder Yves Bennaim dismissed the criticisms of Bitcoin’s liquidity problems. He cited the billion-dollar transactions that occur daily in international crypto exchanges. Bennaim argued that Bitcoin represents an alternative to the dollar and euro, similar to Switzerland’s neutrality.
Proponents emphasized that the campaign served a broader objective. They wanted Swiss authorities to evaluate technologies that are transforming the finance sector. They might launch another initiative in the future regardless of this failed referendum campaign.
Swiss Firms Expand Blockchain Services
However, failure does not signify that the Swiss crypto industry has stopped moving forward. Currently, many financial companies from the country keep increasing their blockchain-based solutions.
For instance, recently, AMINA Bank has become the first FINMA-registered bank to introduce custody and trading services for Canton Coin.
Through this integration, the bank will provide its institutional customers with the opportunity to trade Canton Coin, which will ensure them access to the Canton Network. It provides tokenization, collateral management, and settlement infrastructure.
Several other organizations are backing up the Canton Network. This list includes Goldman Sachs, Visa, Citadel, and Depository Trust & Clearing Corporation.
Besides, Swiss banker Marc Syz has decided to develop the Future Holdings AG company following his departure from Banque Syz SA. As per Bloomberg, Marc is planning to create Europe’s leading Bitcoin treasury company by introducing a dual listing in the future.
The recent failure has prevented the Swiss government from advancing its plan regarding the creation of Bitcoin reserves in the country. However, this does not imply that the Swiss financial sector has stopped experimenting with blockchain and digital tokens.
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