In a recent referendum, 73.4% of Swiss voters endorsed a constitutional amendment ensuring citizens’ rights to use cash in the form of banknotes and coins. This decision aligns Switzerland with Hungary, Slovakia, and Slovenia, which have already enshrined cash rights in their constitutions.
The results were announced by Karin Keller-Sutter, a member of the Swiss Federal Council, during a press conference on March 8. The amendment was proposed by the government as an alternative to a more expansive initiative from the Swiss Freedom Movement, which had gathered over 100,000 signatures to call for a national vote.
Despite the initiative’s significant support, it garnered only 46% approval from voters, with the government deeming its proposed changes excessive. The Swiss Freedom Movement has previously attempted to initiate votes on issues such as the dismissal of unpopular ministers, a ban on electronic voting, and protections against professional and social consequences for vaccine refusal. None of these initiatives progressed to a vote.
Countries like Hungary, Slovakia, and Slovenia have already established the right to cash in their constitutions, while Austria is currently engaged in similar discussions. These developments come amid a broader trend towards digital payments, which has accelerated following the COVID-19 pandemic.
In Switzerland, the proportion of cash transactions has declined significantly; data from the Swiss National Bank indicates that while over 70% of in-store purchases were made in cash in 2017, this figure is projected to drop to just 30% by 2024.
The European Central Bank’s plans to introduce a digital euro have intensified concerns regarding the potential phasing out of cash. In response, the European Commission has proposed legislation aimed at safeguarding the use of physical cash across all EU member states.
Swiss voters have overwhelmingly supported a constitutional amendment to protect the right to use cash, reflecting concerns over the decline of cash transactions amid the rise of digital payments. This move positions Switzerland alongside several other European nations in safeguarding cash rights.