The referendum made it impossible to withdraw cash Swiss francs from circulation without changing the constitution // Photo: remitly.com .
73.3% of Confederate citizens voted in favor of the amendment. The turnout was more than 55%. The plebiscite was initiated by the Swiss Freedom Movement, which had previously collected more than 100,000 signatures. The government considered some measures within the framework of this initiative to be excessive and therefore made a counter-proposal. This was the subject of the Swiss vote.
Enshrined in the Constitution
The circulation of banknotes and coins is enshrined in Switzerland’s supreme law. This measure was the citizens’ response to the declining share of cash in circulation. In eight years, their share has fallen from 70% to 30% of the total number of transactions.
The Bank for International Settlements (BIS) provided data showing that Swiss citizens, on average, keep 8.3 thousand Swiss francs in cash, or nearly €9.2 thousand. This is the highest figure among the countries for which the BIS collects data.
European trend
The decision puts Switzerland on a par with Hungary, Slovakia and Slovenia, which had previously enshrined this right as a constitutional right. Similar measures are being considered in Austria, despite the accelerated transition to digital payments in Europe.
