Switzerland enshrines the right to cash in its constitution
Switzerland has joined a growing number of European nations prioritizing the right to use physical currency. On Sunday, voters overwhelmingly backed a constitutional amendment designed to safeguard the use of Swiss franc banknotes and coins, with a resounding 73.4% in favor.
A Response to Digital Trends and Citizen Concerns
This move comes as a direct response to the increasing digitization of payments, a trend accelerated by the pandemic. The initiative was initially sparked by the Swiss Freedom Movement, who gathered over 100,000 signatures to trigger a national referendum. While their original proposal secured 46% of the vote, the government’s counter-proposal, deemed more moderate, gained widespread support.
Swiss Federal Council member Karin Keller-Sutter announced the results on Sunday evening, highlighting the importance of maintaining access to cash for all citizens. This decision aligns Switzerland with countries like Hungary, Slovakia, and Slovenia, which have already enshrined the right to cash in their constitutions. Austria is also currently debating similar legislation.
Addressing Fears of Control and Surveillance
The push to protect cash isn’t solely about convenience. It’s also fueled by growing concerns about government control and surveillance in an increasingly digital world. The rise of central bank digital currencies (CBDCs), like the European Central Bank’s proposed digital euro, has further amplified these anxieties, leading to what some describe as “Big Brother” conspiracy theories. The European Central Bank is actively exploring a digital euro, prompting the EU to consider legislation ensuring the continued availability of physical cash.
The Decline of Cash in Switzerland
Data from the Swiss National Bank reveals a significant shift in payment habits. In 2017, cash accounted for over 70% of in-store transactions. However, by 2024, that figure had dropped to just 30%. This decline underscores the urgency felt by many to protect the option of using physical currency.
Swiss Freedom Movement’s Broader Agenda
The Swiss Freedom Movement has a history of advocating for direct democracy and individual liberties. They have previously launched campaigns to remove unpopular government ministers, ban electronic voting, and protect citizens’ rights regarding vaccination – though none of these initiatives reached the ballot box.
This latest victory demonstrates the power of citizen-led initiatives in Switzerland and the growing importance of safeguarding fundamental rights in the digital age.
