BRUSSELS — In a significant move to safeguard traditional payment methods, Swiss voters have overwhelmingly supported a constitutional amendment that guarantees the right to utilize Swiss franc banknotes and coins. Official results from the recent referendum indicate that 73.4 percent of voters approved the legal measure, which was introduced by the government in response to a rival initiative from the Swiss Freedom Movement.
The Swiss Freedom Movement had successfully gathered over 100,000 signatures to trigger a national referendum aimed at protecting cash usage. However, their proposal garnered only 46 percent of the final vote, as the government expressed concerns that some of the group’s amendments were overly ambitious.
Significance of the vote
Karin Keller-Sutter, a member of the Swiss Federal Council, announced the results during a press conference on Sunday evening. This amendment positions Switzerland alongside countries like Hungary, Slovakia, and Slovenia, which have also enshrined the right to use cash in their constitutions. Meanwhile, Austrian lawmakers are contemplating similar measures as the shift toward digital payments accelerates—an evolution that has gained momentum during the pandemic.
The growing trend towards cashless transactions has sparked fears of increased governmental control over personal finances, fueling conspiracy theories related to the idea of a cashless society. The European Central Bank’s consideration of a digital euro has further intensified these anxieties, leading the European Union’s executive body to propose legislation aimed at protecting the use of physical cash across member states.
Decline in cash transactions
Switzerland is not immune to this decline. Recent statistics reveal a significant drop in cash transactions over the past decade; cash accounted for over 70 percent of payments in 2017, but by 2024, it is projected that only 30 percent of retail transactions will involve cash, as indicated by data from the Swiss National Bank.
The Swiss Freedom Movement has previously engaged in various campaigns, including efforts to dismiss unpopular government officials, oppose electronic voting, and advocate for the protection of citizens from social repercussions for refusing Covid-19 vaccinations. However, none of these initiatives have progressed to the ballot stage.
“The right to use cash is a fundamental aspect of our society,” said a spokesperson for the Swiss Federal Council during the announcement.