The popular initiative, led by the Swiss Liberty Movement, seeks to guarantee the circulation of coins and banknotes and require a referendum for any currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More. The Federal Council and Parliament propose a counter-proposal that also enshrines cashMoney in physical form such as banknotes and coins. More but with legally clearer wording and without some of the initiative’s additional provisions.
The referendum could enshrine cash as constitutionally protected. The Swiss referendum process, a cornerstone of the country’s direct democracy, allows citizens to decide on constitutional amendments proposed either by popular initiative or by the Federal Council and Parliament. The referendum requires a double majority of voters and cantons to amend the constitution.
The debate over cash involves legal, economic, and social considerations, with proponents advocating for freedom and privacy and opponents emphasizing legal clarity and the sufficiency of existing laws. A survey by the central bank finds that 95% of the population is in favour of maintaining cash. On 4 March, the Swiss National Bank announced the winner of the design competition for its next series of banknotesSee Family of banknotes. More.
The upcoming referendum on cash enshrinement is a popular initiative launched by the Swiss Liberty Movement (MLS), which gathered over 100,000 signatures to propose a constitutional amendment. The initiative seeks to enshrine the Swiss franc as the national currency and guarantee the circulation of coins and banknotes, ensuring that any proposal to replace the Swiss franc would require a national referendum.
The Federal Council and Parliament, while supporting the principle of protecting cash, rejected the initiative’s specific wording as legally imprecise and proposed a counter-proposal. This counter-proposal also aims to enshrine cash in the constitution but uses clearer legal language and omits some provisions deemed unnecessary or redundant, such as the explicit referendum requirement for currency changes (which is already a constitutional requirement for amendments).
Swiss voters will choose between two proposals:
Neither proposal creates new tasks or additional costs, but both ensure that future changes to cash supply and currency would require a referendum, reinforcing Switzerland’s direct democracy model.
Early polling indicated that around 60% of eligible Swiss voters support the idea of enshrining cash in the constitution. However, the latest data from gfs.bern show a shift: 65% of voters who intend to participate would reject the initiative, 31% would approve it, and 4% remain undecided. Despite this, 87% of respondents expect a “no” vote on referendum day, with an estimated 39% “yes” vote.
Support for the initiative is stronger among younger voters (18-39 years old) and women, while older voters and men show declining participation. Geographically, urban areas exhibit increasing participation, while rural areas show declining trends.
The shift in opinion may reflect growing concerns about the legal imprecision of the initiative and the perceived sufficiency of the counter-proposal. Media coverage, campaign events, and broader economic developments, such as inflation and cybersecurity incidents, also influence voter sentiment.
In November 2018, the Supreme Court of Mexico ruled that the ban of cash on car-hailing apps and mobility platforms was unconstitutional. The 8-3 ruling met the majority needed to set a binding precedent.
In June 2023 the National Council of the Slovak Republic adopted a provision to its Constitution to guarantee the issuance of cash as legal tenderMoney that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. More. The amendment to the Constitution specifies that everyone has the right to make a paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More for the purchase of goods and the provision of services using cash as legal tender and that the acceptance of such payment may only be refused for reasonable or generally applicable reasons.
In April 2025, Hungary publshed an amendment to the Fundamental Law which establishes the right to payment in cash as a fundamental right under Hungarian law. According to the explanatory memorandum accompanying the amendment, cash is legal tender that is physically independent from digital systems, banks and other third parties. Only the maintenance of cash circulation can ensure that the functioning of the economy does not become completely vulnerable to electronic financial systems, which or market failures.
In December 2025, Slovenia’s parliament formally passed an amendment to the country’s constitution granting citizens the right to use cash for all transactions. The new constitutional law aims to set up a constitutional framework for the right to use cash, while respecting the right to privacy.
The Swiss referendum is a pivotal moment for the country’s monetary policy and democratic process. The popular initiative and the counter-proposal both aim to protect cash but differ in scope and legal clarity. Public opinion is divided, with recent polls indicating a shift toward rejection of the initiative, although support for cash protection remains strong. Switzerland’s unique direct democracy model ensures that any constitutional amendment requires a double majority of voters and cantons, underscoring the significance of the upcoming vote.
The outcome will determine whether cash is explicitly protected in the Swiss constitution, shaping the future of payments, privacy, and economic sovereignty in Switzerland. The debate reflects broader global tensions between digital payments and the enduring value of physical currency in democratic societies.