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Switzerland Votes to Protect Cash in Constitution

Bloomberg Markets •
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Swiss voters backed a government plan to enshrine cash availability in the constitution, with 69% support in preliminary results. The move aims to safeguard physical money as digital payments surge and cash use plummets from 70% of transactions a decade ago to just 30% in recent years. A competing proposal from the Swiss Freedom Movement trailed at 47%.

During Switzerland's period of negative interest rates, residents hoarded cash at home to avoid bank fees, with the average person now holding nearly $10,700 in bills. This marks the highest cash holdings among economies tracked by the Bank for International Settlements. The vote represents a rare electoral examination of money's future rather than relying solely on consumer payment trends.

The result provides a "clear signal" according to political scientist Lukas Golder, who told public broadcaster SRF the outcome is unlikely to change. Voters also appeared poised to eliminate the "wedding penalty" tax structure affecting 670,000 couples, with 56% backing projected for reform that would treat dual-income households more equitably.