Parliament has now moved forward with plans to enshrine the Swiss franc into the country’s constitution. The move is seen as a compromise with a submitted referendum, with lawmakers soon set to debate whether accepting cash should become a requirement in certain settings.
On June 10, all 40 members of the Council of States voted to revise the Swiss constitution to include the franc. As part of the change, the law affirms that the “franc” is the currency of Switzerland and that the government must always make sure that a supply of cash is on hand for the public to use.
The change is designed to be a counter-proposal to the “Cash is Freedom” Initiative, a referendum submitted by Freedom Movement Switzerland. As part of its proposal, the state would be required to make sure that physical cash and coins are “always available” in sufficient quantities, and that if the government ever wanted to replace the franc, it would have to be put to a referendum and be approved by a majority of cantons.
The Federal Council argued in its response that while it acknowledged the concerns of the referendum's backers, their solution was too vague to be effective. Instead, they argued that they would achieve the referendum’s aims by writing the existing laws on maintaining the franc into the constitution.
As it stands, it is unclear whether Freedom Movement Switzerland will drop its referendum following parliament’s vote.
"The Federal Council recognises the importance of cash for the economy and society," Finance Minister Karin Keller-Sutter told Blick. According to the most recent survey, a whopping 95 percent of respondents want cash to still be an option in Switzerland.
However, lawmakers assured that the new section of the constitution will not require businesses to accept cash. However, the Federal Council confirmed that it is looking into whether to force public transport providers to always accept paper money and coins.
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