INSUBCONTINENT EXCLUSIVE:
In Switzerland, a country often compared to Germany and Austria for its persistent use of cash, the significance of cash in daily
transactions remains indisputable, despite a noticeable decrease over time.As societies worldwide lean towards digital alternatives,
citizenry to decide whether banknotes and coins should remain a permanent fixture in their economy.The narrative leading up to this crucial
vote has been relatively low-profile outside of Switzerland.Swiss electorate poised to determine the fate of cash in their economy
(Photo Internet reproduction)Last week, an announcement from the Swiss Freedom Movement breathed life into the discourse around the role of
cash in Swiss society.The movement successfully gathered a total of 111,000 signatures, the prerequisite for a referendum to occur.This
referendum aims to discuss the future of cash in Switzerland, questioning whether it should persist for future generations.If the Swiss
populace gives the green light to the referendum, the government will have a newfound obligation: to ensure the consistent availability of
banknotes and coins.This obligation carries implications for both the present state of transactions and plans for Swiss currency.In addition
currency.The hint of this potential replacement leans towards a digital currency developed by the central bank.This proposition adds another
layer of complexity to the conversation, extending it to the sphere of digital currencies.The Swiss Freedom Movement has expressed concerns
about the diminishing role of cash in global economies.The advent of digital societies and the rise of electronic transfers are central to
this reduction.These developments offer governments more power and visibility over the monetary transactions of its citizens.In response to
this emerging trend, the proposed referendum introduces a new clause to the Swiss Currency Act.This addition would bind the central bank and
significant weight on referendums
A bill approved by a vote automatically graduates to law status.However, the methods of implementing this law remain in the hands of the
government and parliament.Although cash has seen a diminishing role, its importance cannot be written off entirely.A survey conducted by the
Swiss National Bank in 2020 revealed that 97% of Swiss citizens keep cash on hand for daily expenses, a percentage significantly higher than
in many other nations.40% of transactions in Switzerland still occur in cash, outpacing many other major European countries.Cash
transactions in these countries are markedly lower: about 15% in the UK, less than 10% in Sweden, and 3-4% in Norway.However, the COVID-19
pandemic has accelerated the shift from cash to digital payment methods.The perceived risk of cash being a potential carrier of the virus
payments.Despite the rising trend of digital payments, the Swiss National Bank underscores the irreplaceable benefits of cash.Cash allows
for simple budget management, enables economic and social inclusion for those lacking digital access, and provides a privacy shield that
keeps personal information concealed.To ensure these benefits persist, the Swiss National Bank sees its responsibility to maintain the cash
stance on cash.Regardless of the outcome, the referendum promises to shape the narrative around the role of cash in the Swiss economy,
providing an intriguing counterpoint to the global trend toward digital payments.Use of Cash, CBDC use, abolition of cash, total control of
people, totalitarian state, Swiss citizens to vote on preserving the use of cash in their economy, Swiss direct democracy, Swiss National
Bank, cash use in Switzerland
