Switzerland's proposal to promote central bank allocation of Bitcoin reserves failed, as the signatures collected did not meet the referendum threshold.

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BlockBeats News, May 9 — A Swiss initiative requiring the Swiss National Bank (SNB) to include Bitcoin in its official reserves was declared a failure due to insufficient signatures. The initiative had originally planned to drive amendments to the Swiss constitution, requiring the SNB to hold BTC reserves in addition to gold and foreign-exchange reserves.

Under the rules, the organizers were required to collect 100,000 valid signatures within 18 months to trigger a nationwide referendum, but ultimately they only completed about half of the target, so they decided to abandon the effort.

Supporters had described Bitcoin as a “neutral reserve asset” and believed it could hedge against the risks associated with dollar and euro reserves. Currently, dollar and euro assets make up about three-quarters of the SNB’s foreign-exchange reserves. However, the SNB has already clearly opposed the related proposal last year, arguing that Bitcoin’s liquidity and volatility do not meet central bank reserve-asset requirements.

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