Switzerland wants to secure, by law, physical money circulation on its territory
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A hotly debated topic in Switzerland in recent months has been the preservation of money in its current form. A civic movement has gathered over 150,000 signatures in support of this topic, on which the whole issue will be decided in a referendum. Swiss citizens are likely to vote in the coming weeks in a new referendum on whether to include in the country’s constitution a provision that the Swiss National Bank and the federal government must always maintain “a sufficient amount” of physical cash in circulation to counter the influence of growing digital money. The intention of the rulers to eliminate physical money in its traditional form, printed on paper, met with a categorical refusal from the common people.
The Swiss movement for freedom has managed to gather over 150,000 signatures, for which the issue will be the subject of a question in a referendum that will be organized in the coming period. “The Federal Council recognizes the importance of cash for the economy and society. The government in Bern is ready to take these concerns from the legal level to the constitutional level in order to highlight their importance”, announced the Swiss Government on Wednesday through a press release. In Switzerland, the issue of cash is very important for society. One in three Swiss prefers to pay cash for the products they buy in stores. Moreover, the Bank for International Settlements shows that each Swiss has, on average, an amount of 11,824 dollars at home, or, in other words “money for dark days”. In order to organize the referendum on this topic, the Swiss Government also announced that the Ministries of Finance and Justice will develop a joint project for a normative act by the end of August. For now, it is not clear when exactly the vote will be held. In Switzerland, a federal state, any civic issue supported by more than 100,000 people automatically becomes the subject of a referendum. The vote following such a plebiscite becomes law or a constitutional amendment. In order for a matter of national interest to be approved by referendum, a simple majority of all Swiss citizens who live in the country’s 26 cantons is needed.
By Roberto Caseli
