Swiss start consultation on constitutional protection for cash

The Swiss government started a consultation on a proposal to enshrine the availability of cash in the constitution, according to Bloomberg. The move is a response to a “Cash is freedom” initiative submitted to the government earlier this year. Campaigners want to put the issue to a national vote under Switzerland’s direct democracy system.

The government has proposed a draft law as a counterproposal to the popular initiative of the Swiss libertarian movement calling for constitutional guarantees on the use of cash. While the government rejected the initiative on the grounds that the text was not precise enough, it did accept to enshrine the protection of cash payments in the Swiss constitution. 

According to the latest Swiss Payment Monitor, cash is once again the most widely used means of payment in Switzerland. After almost two years, cash is now just ahead of debit cards. In total, 29% of daily payments are made in cash.

Photo source