Swiss Government Wants to Enshrine Cash in the Constitution

(Bloomberg) — The Swiss government wants to enshrine the availability of cash in the constitution and will let citizens decide in a national vote.

After campaigners collected enough signatures to trigger a plebiscite that would preemptively counter the spread of digital money, the government in Bern on Wednesday announced in a statement that it will draw up its own plan.

“The Federal Council recognizes the importance of cash for the economy and society,” it said. While the supply of physical money and the franc as the Swiss currency are already anchored in law, the government “is prepared to raise these concerns from the legal to the constitutional level in order to underline their importance.”

Cash is an emotive issue in Switzerland. Every inhabitant holds the equivalent of $11,824 — the most in all economies where the Bank for International Settlements collates data. 

The government said the Finance and Justice Ministries will draw up a draft by the end of August. It’s unclear when the vote will take place.

–With assistance from Bastian Benrath.

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