Switzerland wants to put the availability of cash in the constitution and will leave the decision to its citizens in a national vote. After collecting enough signatures for a campaign to prevent the spread of digital money, the government in Bern announced on Wednesday that it would draw up its own plan.
The Statement Read As Follows:
‘’The Federal Council recognizes the importance of cash for the economy and society. While the physical money supply and the franc as the Swiss currency are already anchored in law, the government is ready to raise these concerns from the legal to the constitutional level to underline their importance.’’
Cash is a sensitive issue for Switzerland. Each person in the country holds the equivalent of approximately $11,824 in cash. This is the highest figure of any economy for which the Bank for International Settlements collects the data.
The government said that the Finance and Justice Ministries will prepare a draft by the end of August. It is not yet clear when the vote will take place.
What Happened With Switzerland And Cash?
Swiss citizens will vote in a future referendum about whether cash should be included in the constitution following an initiative to take preventive measures against the digital money.
Ballot campaigners, a group called the Swiss Freedom Movement, have announced that they have collected 157,422 signatures in support of such a referendum. If the authorities confirm that the total number exceeds 100,000, Switzerland would go to a referendum under the rules of direct democracy. Following the latest developments, Switzerland has announced that it is preparing for a referendum and will leave the choice to citizens.
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