Swiss Vote Could Secure the Future of Cash

Switzerland is to vote on a law change that would secure the future of cash in the nation, ensuring a completely cashless economy would be illegal.

The FBS (Free Switzerland Movement)—a group passionate about securing privacy and freedom for all citizens—is calling for an addition to Swiss currency law that would require the government and central bank to guarantee ‘a sufficient quantity’ of banknotes and coins is always in circulation. FBS reports the measure has gained well in excess of 100,000 signatures: the number required to initiate a popular vote on the issue.

The FBS observes that electronic payments and increasingly digitised societies bring with them problems around an individual’s privacy and security, as well as associated issues with stability of the wider economy. Its president, Richard Koller, views Switzerland as a ‘standard-bearer for the defence of cash’ in Europe, fearing that securing similar guarantees across the European Union would be

The proposal falls under the Federal Popular Initiative, which allows citizens to request changes to the Federal Constitution. Should 100,000 valid signatures be obtained in support of a request, a vote is required. A date for voting on the cash defence proposition has not yet been set.