A committee worried that e-payments will lead to financial surveillance or systemic malfunctions in Switzerland has launched an initiative to prevent any future phasing-out of cash.
At the campaign launch on Tuesday, the Swiss Freedom Movement said their goal was to make ensure the limitations placed on cash withdrawals and payments in other countries don’t make their way to Switzerland.
“Cash is a symbol of freedom, independence, and security,” said Richard Kohler, president of the group. It’s a simple and accessible alternative to electronic payments, he said, for older people or for people who opposed e-payments from a philosophical conviction.
Spokesman Charly Pache added that phasing out cash in favour of online payments could open the door to “permanent surveillance of our spending and our actions” – the extreme scenario being something like a China-style “social credit” system, he said.
Pache also claimed that hacks and malfunctions in IT systems could leave large amounts of people simply “unable to make transactions”.
More
More
New Swiss 100-franc banknote blocks certain ATMs
This content was published on
The new CHF100 ($100) banknote, which went into circulation last month, has blocked bank ATMs in various German-speaking cantons.
As such, the text of the initiative wants to make federal authorities legally bound to ensure sufficient cash quantities are maintained in Switzerland, and that any future replacing of the Swiss franc by another currency be put to public vote.
By this last worry, the group is presumably referring to the current project of the Swiss National Bank to make a digital version of the franc. The SNB says this digital currency would only be available for transactions by financial institutions.
A survey by the SNB in June meanwhile found that while the numbers of debit and credit cards, and the number of mobile payment apps in the country are increasing, cash remains a popular payment option: 97% of respondents said they kept cash in their wallets or at home, to cover day-to-day expenses.
The group has until February 2023 to collect the 100,000 signatures to put the issue before parliament and a public vote.
More
More
Swiss turning to new payment methods, but cash is still king
This content was published on
The use of debit cards continues to increase but cash remains the most popular payment method in Switzerland.
Should raw milk sales be banned or should consumers decide?
Swiss food regulations do not allow raw milk to be sold for direct consumption. However, a loophole allows 400 raw milk vending machines to do just that.
AI can reduce the number of animals needed for research
This content was published on
Swiss researchers have developed a new, AI-supported method that analyses the behaviour of mice in the laboratory more efficiently.
Geneva Conventions conference on Middle East scheduled for March 2025
This content was published on
The conference on the Middle East of the 196 States party to the Geneva Conventions, organised by Switzerland, will take place in Geneva in March.
Swiss university graduates are popular hires worldwide
This content was published on
Graduates of Swiss universities are popular with international employers, according to the Global Employability University Rankings.
French cross-border workers in Switzerland fear ‘discriminatory’ unemployment reform
This content was published on
In the French region around Geneva, cross-border workers are protesting proposals to cut unemployment benefits for those working in Switzerland.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Pandemic pushes Swiss away from cash
This content was published on
Cash has lost its appeal among the Swiss population as the coronavirus pandemic led more people to pay by bank card, mobile app or online.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.