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

Mars Finance News, on May 9th, a Swiss initiative to require the Swiss National Bank (SNB) to include Bitcoin in its official reserves was declared a failure due to insufficient signatures. The initiative originally planned to promote amending the Swiss Constitution, requiring the SNB to hold BTC reserves outside of gold and foreign exchange reserves. According to regulations, the proponents needed to collect 100k valid signatures within 18 months to trigger a national referendum, but ultimately only achieved about half of the goal, leading to the decision to abandon the effort. Supporters had described Bitcoin as a “neutral reserve asset” and believed it could hedge against the risks of US dollar and euro reserves. Currently, US dollar and euro assets account for about three-quarters of the SNB’s foreign exchange reserves. However, the SNB had already explicitly opposed the proposal last year, citing Bitcoin’s liquidity and volatility as incompatible with central bank reserve asset requirements.