With 73 % of voters in favor, Switzerland approved the permanent use of cash in a referendum this Sunday, March 8.

In an increasingly digital world, a high percentage of transactions in Switzerland are still paid for with cash. The referendum to decide whether this payment method would be maintained was announced last year.

Thanks to the voters’ support, state entities must now guarantee “the availability of cash in the country, and it is ruled out that it could ever be replaced by virtual money. This guarantee will be enshrined in the Constitution.”

Meanwhile, due to the rise of digital payment platforms and applications, Switzerland, like the rest of Europe, will continue to consider “the possibility of launching a virtual Swiss franc in the future, a cryptocurrency issued by the Swiss National Bank, which, following today’s vote, will have to coexist, if it comes to fruition, with physical coins and banknotes.”

M.Pino

Source: 20minutos

(Reference image source: Claudio Schwarz on Unsplash)

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