The Federal Council transmitted to Parliament on Wednesday its counter-proposal to the initiative for the inclusion in the Constitution of the maintenance of cash and the Swiss franc as national currency. The government considers the wording of the initiative not precise enough.
The popular initiative of the Swiss Freedom Movement (MLS) “Yes to a free and independent Swiss currency in the form of coins or notes” wants to guarantee the maintenance of cash in Switzerland. It also requires that any project to replace the Swiss franc with another currency must be submitted to a vote by the people and the cantons.
These principles should be enshrined in the Constitution. According to the authors of the text, this clarification will guarantee the maintenance of cash in Switzerland, which they believe is in danger. The text of the MLS, composed in particular of opponents of anti-Covid measures and which brought the initiative on vaccination, was tabled in February 2023 with more than 157,000 signatures, without the support of a major party.
>> Reread: The initiative to maintain cash has its signatures
More precise
The Federal Council recognizes the importance, for the economy and society, of the role played by cash, indicates a press release. However, he believes that the formulations proposed by the authors of the initiative to supplement the Constitution are not sufficiently precise.
The counter-draft would include two new sentences: “The Swiss currency is the franc” and “The Swiss National Bank guarantees the cash supply”. It would thus make it possible to respond to the two requests of the authors of the initiative by relying on precise and proven legal rules, writes the Federal Council.
External content
This external content cannot be displayed because it may collect personal data. To view this content you must authorize the category Social networks.
Accept Plus d’info
The inclusion of the aforementioned provisions in the Constitution does not modify the mission of the SNB regarding the supply of cash. The counter-proposal does not indicate the quantity of cash that must be available, contrary to the popular initiative.
During the consultation procedure, the direct counter-proposal received broad support. None of the participants considered that the initiative was more appropriate than the counter-project. Parliament will now be able to decide.
Cash still favored
The MLS had launched a second initiative on the subject, which wants to ensure that we can pay with coins or notes in public services, in particular public transport or in retail stores. The movement is concerned about the rampant digitalization of society, which it believes will soon prevent citizens from taking a train ticket without a credit card or Twint.
Monetary policy is entirely the responsibility of the Confederation and the SNB. To date, there is officially no concrete plan to do without cash.
According to the Swiss Payment Monitor from 2023, cash is once again the most used means of payment in Switzerland. After almost two years, cash is just ahead of debit cards. In total, 29% of daily payments are made in cash.
>> Read also: Cash is far from having said its last word for payments in Switzerland
ats/edel
