Context

In Switzerland, people are increasingly paying cashless, for example with debit and credit cards or payment apps. Nevertheless, most people want cash to remain a means of payment. Today, the law stipulates that the Swiss National Bank guarantees the supply of cash and that the franc is the Swiss currency.

The initiative

The initiative aims to enshrine the availability of cash and the Swiss franc as the Swiss currency in the Constitution. To this end, it wants to oblige the federal government to ensure that coins and banknotes are always available in sufficient quantities. In addition, it should only be possible to replace the Swiss franc with another currency with the consent of the people and the cantons.

The counterproposal

The Federal Council and Parliament also want to enshrine the provisions on cash supply and the Swiss franc in the Constitution. However, they disagree with the wording of the initiative and are therefore proposing a counterproposal based on the wording of existing laws.

Initiative and counter-proposal

Neither the popular initiative nor the counter-proposal have any practical implications. They do not create any new tasks or additional costs. By enshrining them in the Constitution, both proposals ensure that the provisions on cash supply and the Swiss currency can only be changed by a referendum with a majority of the people and the cantons.

Contents of the initiative and the counterproposal

Context

In Switzerland, people are paying less and less with cash, i.e. coins and banknotes. This is shown by regular surveys conducted by the Swiss National Bank (SNB) on the payment behavior of the population. Ten years ago, cash was still the most common form of payment in everyday life, but today debit and credit cards and payment apps are mostly used. At the same time, cash continues to be highly valued: according to the SNB's latest survey from 2024, a large majority of the population (95%) is in favor of cash remaining available as a means of payment in the future.

Aims of the initiative

With this popular initiative, the initiators want to prevent coins and banknotes from being abolished or displaced. They also want to ensure that the Swiss franc remains the Swiss currency and cannot simply be replaced by amending the law. They are therefore calling for protection at the constitutional level.

What the initiative demands

Specifically, the initiative calls for two new constitutional provisions: First, the federal government should ensure that coins and banknotes are always available in sufficient quantities. The initiative leaves open the question of what constitutes a sufficient quantity of cash. Second, the Swiss franc may only be replaced by another currency with the consent of the people and the cantons.

What the counterproposal proposes

The counterproposal also wants to enshrine in the constitution that the supply of cash must be guaranteed and that the franc is the Swiss currency. It proposes incorporating two existing legal provisions into the constitution largely unchanged. These stipulate that the SNB guarantees the supply of cash and that the Swiss currency is the franc.

How the initiative and the counterproposal differ

While the initiative proposes new wording, the counterproposal incorporates the wording of existing legal provisions largely unchanged. The counterproposal states that, as before, the SNB guarantees the supply of cash. The initiative now names the federal government.

What the initiative and the counterproposal would achieve

Higher hurdles for changes

Today, the law stipulates that the supply of cash must be guaranteed and that the Swiss franc is the Swiss currency. The initiative and the counterproposal would enshrine these two points in the Constitution. This would primarily have a symbolic effect: it would underscore the importance of cash and the Swiss franc as Switzerland's currency. In addition, both could only be changed if a majority of voters and cantons approved in a referendum (majority of the people and the cantons).

No practical implications

Neither the initiative nor the counterproposal would lead to any changes in everyday life. There would be no new tasks and no additional costs. The SNB already fulfills the mandate to ensure the supply of cash in Switzerland. The Swiss franc as the Swiss currency is also already enshrined in law. Neither the initiative nor the counterproposal would create a right to pay with cash or an obligation to accept cash.

Results

The initiative was rejected. The counterproposal was accepted.

Voter turnout: 55.4 %
Yes votes for the initiative: 45.6 %
Yes votes for the counterproposal: 73.4 %