Swiss voters have approved a constitutional amendment that guarantees the right to use cash, ensuring that banknotes and coins remain protected in the country’s monetary system.
In a national vote held on Sunday, 73.4% of voters backed the proposal, formally anchoring the use of physical money in Switzerland’s constitution. The move means that the use of Swiss franc banknotes and coins will now be safeguarded at the highest legal level.
The amendment was proposed by the Swiss government as a response to a citizen-led initiative organised by the Swiss Freedom Movement, which had gathered more than 100,000 signatures to trigger a referendum aimed at protecting cash. While the movement’s original proposal did not secure a majority, the government’s moderated version received overwhelming public support.
Where it is happening
With the vote, Switzerland joins a small but growing group of European countries that have written protections for cash into their constitutions. Hungary, Slovakia and Slovenia have already adopted similar provisions, while political discussions are underway in Austria about whether to follow a comparable path.
The debate reflects a wider European concern about the future of physical money as digital payments continue to expand.
How cash became a constitutional issue
Over the past decade, Switzerland has seen a significant shift in payment habits. According to data from the Swiss National Bank, cash accounted for more than 70% of in-store payments in 2017, but by 2024 it had fallen to around 30%.
The constitutional amendment does not introduce new operational policies or costs, but it symbolically reinforces the country’s commitment to ensuring that cash remains available and usable.
Advocates argue that physical money plays a crucial role in society. Supporters point to its importance for financial inclusion, particularly for elderly people, those with disabilities, and individuals who rely on cash to manage tight household budgets.
"Such an overwhelming decision by the Swiss is an important reminder that cash is not a legacy payment instrument, but essential public infrastructure," said Frane Maroević, Director General of the International Currency Association. "Governments around the world should take note that people always want to have the choice to use their hard-earned cash. Cash supports inclusion, protects privacy, strengthens resilience in times of disruption, and gives people genuine choice in how they pay."
He also emphasised the resilience and privacy offered by physical currency, as well as its role in everyday social and informal transactions.
What it means
The Swiss decision sends a wider signal as debates intensify across Europe about the future of money.
Central banks are exploring digital currencies, while policymakers are increasingly discussing how to ensure continued access to physical cash. The European Union has already proposed legislation aimed at safeguarding cash acceptance across the bloc.
While the Swiss vote is unlikely to reverse the long-term shift toward digital payments, it highlights the enduring public demand for a payment system that includes both physical and digital forms of money.
In that sense, the result reflects a broader question facing many societies: how to modernise payments without losing the security, accessibility and autonomy that cash provides.
