Swiss gov’t supports cash referendum amid digital payment concerns
Switzerland’s government will hold a national vote on whether to enshrine the availability of cash in the constitution amid concerns about the rise in digital currency, Bloomberg reported on Wednesday.
Neither the Swiss government or the central bank have intentions to abandon cash. The European country holds the most cash per capita according to data from 2021.
The Swiss government has therefore responded positively towards this new cash referendum. “The Federal Council recognizes the importance of cash for the economy and society,” it said in a statement. The government “is prepared to raise these concerns from the legal to the constitutional level in order to underline their importance.”
Switzerland is a direct democracy, and referendums are fairly common - at least compared to most so-called democracies - such as this one.