Swiss government proposes constitutional protection for cash
Martin Ruetschi
A draft law has been put to consultation in response to the popular initiative of the Swiss libertarian movement calling for constitutional guarantees on the use of cash.
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El Gobierno suizo propone la protección constitucional del dinero en efectivo
The popular initiative “Yes to a free and independent Swiss currency in the form of coins and banknotes (cash is freedom)” calls for coins and banknotes to always be available in sufficient quantities. It also demands that any plans to replace the Swiss franc with another currency be put to a vote by the people and the cantons.
The Federal Council rejected this initiative. In its view, the wording proposed by the authors of this text is not precise enough. However, the government recognises the importance of the role played by currency in the economy and society.
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Swiss libertarians push for vote to guarantee the survival of cash
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Swiss libertarians want to introduce a constitutional guarantee to ensure the survival of cash.
It is therefore prepared to reinforce the importance of maintaining cash by enshrining it in the constitution. At present, both the supply of cash and the use of the Swiss franc as the national currency are guaranteed by the Federal Act on the National Bank and the Federal Act on Currency and Means of Payment.
The Federal Council’s direct counterproposal will thus transfer legal provisions that are already in force to the constitution. Their interpretation and the corresponding practice are already well established and the new constitutional provision could be based on them. The counterproposal therefore allows the demands of the authors of the initiative to be met on the basis of precise legal rules.
The deadline for comments on the draft law is November 30.
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Switzerland’s ‘cash initiative’ – what’s at stake?
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Swiss citizens look set to vote on a people’s initiative to try to ensure their economy never becomes cashless.
The Swiss Freedom Movement recently launched a second initiative on the subject, which aims to ensure that people can pay in coins or banknotes in public services, particularly public transport, or in retail outlets. The movement is concerned about the rampant digitisation of society, which will soon prevent people from taking a train ticket without a credit card or digital payment platforms like Twint. It had also launched an initiative against compulsory vaccination.
Monetary policy is entirely the responsibility of the government and the Swiss National Bank (SNB). To date, there are no official plans to do away with cash.
According to the latest Swiss Payment Monitor, cash is once again the most widely used means of payment in Switzerland. After almost two years, cash is now just ahead of debit cards. In total, 29% of daily payments are made in cash.
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