Switzerland is set to hold a nationwide vote on March 8 to decide whether cash payments should be constitutionally protected, as public debate intensifies over the future of physical money in the country.
The proposal, titled “Yes to an independent and free Swiss currency with coins or banknotes,” has been promoted by the Movimento svizzero per la libertà, a group that gained prominence during the COVID-19 pandemic due to its opposition to vaccination policies.
The initiative aims to legally guarantee the availability of physical cash, amid growing concerns that electronic payment methods could gradually replace traditional currency. Alongside widespread use of bank cards, Switzerland has increasingly adopted digital payment solutions such as TWINT, which allows users to complete transactions through QR codes directly from their smartphones.
According to a survey published by the Swiss National Bank, 95% of the population continues to use cash, with approximately 73 billion Swiss francs currently in circulation. However, data also shows that around 70% of transactions are now conducted electronically, highlighting the country’s shift toward digital payments. Meanwhile, more than half of citizens reportedly support removing the 5-cent coin from circulation, citing inconvenience.
In the city of Lugano, authorities have already introduced innovative financial practices, allowing residents to pay taxes using cryptocurrencies, demonstrating openness to emerging financial technologies.
Supporters of the initiative argue that cash remains essential, particularly in scenarios involving cyberattacks on banking systems or reductions in ATM and bank counter services due to cost-cutting measures. They also emphasize that the Swiss franc is widely regarded as a safe financial asset, comparable to gold and real estate investments.
Additionally, the movement proposes that any potential transition to another currency — even if currently unlikely — should require approval through a national referendum, reinforcing direct democratic control over Switzerland’s monetary system.
