News in Brief

Cash to be a Right in Switzerland

Swiss lawmakers have unanimously voted to enshrine the right to use cash in the nation’s constitution.

This decision follows a popular initiative led by the Swiss Freedom Movement (MLS), called ‘Yes to a free and independent Swiss currency in the form of coins and banknotes,’ which garnered over 100,000 signatures. The initiative aims to ensure that cash remains in Switzerland, and that any plans to replace the Swiss franc with another currency are put to a vote.

Rather than accepting the initiative, the Swiss government made a counterproposal that nevertheless agreed to enshrine in the constitution the guarantee of cash supply and the use of the franc as the national currency. These principles are already guaranteed in legislation, but by enshrining them in the constitution, the government is responding to the initiative.

Last October, the Swiss National Bank unveiled plans for a new series of banknotes, saying cash would remain a ‘widely used payment method in the future’.