Swiss gov't counters referendum plan to protect cash

On March 8, voters in Switzerland will decide on three topics in a national referendum. The Swiss government has decided to reject the “Cash is Freedom” initiative and has put forward a counter-proposal.

What is the “Cash is Freedom” initiative?

The proposal “Yes to an independent, free Swiss currency with coins or banknotes (cash is freedom)” calls on the federal government to “ensure the availability of cash in Switzerland” and that any potential change to the national currency would be put to a popular vote.

Cashless payments are becoming increasingly popular in Switzerland, but many want the option to pay with cash to be legally protected. The proposed popular initiative “aims to enshrine the availability of cash and the Swiss franc as Switzerland’s currency in the constitution,” according to the government’s website.

The proposal also wants to ensure that if the Swiss franc were to be replaced with, for example, the euro, then the decision would need to be made by the Swiss population and cantons via a referendum.

Swiss government offers counter-proposal to “Cash is Freedom”

The Federal Council and Parliament have rejected the “Cash is Freedom” initiative and put forward a counter-proposal “Federal decree on Swiss currency and cash supply”.

Finance Minister Karin Keller-Sutter believes that “explicit protection of the currency in a new article [in the constitution] is unnecessary”, reports SRF. The Swiss government proposes using legal frameworks and wording that already exist, rather than creating something new.

In the counter-proposal, two parts of the constitution would be updated to say that “the Swiss franc is the currency of Switzerland” and that “the supply of cash in Switzerland is guaranteed”, continues SRF. 

Last year, the government also voted to recommend rejecting the SVP initiative “No 10 million Switzerland!”, which will also be decided on at the polls in March.