The group of winners is expanding: Slovakia, Hungary, Slovenia, and a fewer days ago Switzerland joined
Last week I reported that a referendum would be held in Switzerland on 8 March on the possible right of citizens to cash in the Constitutionand(*). https://www.zolotoy-club.ru/tpost/nzj1etr71-strasti-vokrug-kesha-nakalyayutsya-8-mar
Two akin proposals will be put to the vote: the first from the "Money is Freedom" run group and the second from a akin government project. As Swiss Info notes, the proposals disagree only in detail.
The referendum was held. And now I'm reporting his results. As expected by virtually all experts, citizens supported the thought of strengthening their rights to cash. 69% of citizens supported the government plan, which includes: a commitment by the state to guarantee an uninterrupted supply of cash to the economy; designation of a Swiss franc in physical form as an integral part of national sovereignty; and guaranteeing the rights of citizens who like not to usage digital banking instruments. A akin initiative of the Swiss Freedom Movement group received support from 47% of voters.
There are no another details about the referendum yet. However, I would like to take this chance to draw attention to any nuances about the issue of cash, which I did not have time for in the erstwhile article. I noticed that In any European countries, attachment to cash is explained by the nature and national traditions. Public opinion polls show that there are peculiarly many specified supporters in Germany, Austria and Switzerland. The attachment to cash can take 2 forms: 1) the habit of utilizing cash for regular transactions and payments; 2) cash retention as a reserve ("money under the mattress").
According to statistics, the Swiss habit of utilizing cash for various types of payments ranks at the European average. In Austria and Germany this habit is much more visible. However, in terms of propensity to keep cash under the mattress Swiss lead in Europe. In March 2026, an average Swiss citizen held at home the equivalent of $10,700 in cash – the highest value of all countries rated by the Bank of global Settlements. This cannot be explained by references to Swiss national characteristics and traditions. The problem lies elsewhere – in the monetary policy (MP) of the Swiss National Bank (SNB). Like many another central banks during the 2008-2009 global financial crisis, it began implementing a monetary policy known as "quantitative loosening". It involves expanding money supply and lowering the main interest rate. SNB and a number of another central banks, at the highest of the crisis, lowered interest rates to highly low levels (not more than 1%), zero or even negative. Even after the crisis ended, central banks continued to implement monetary policy, i.e. "quantitative loosening".
This is how the Swiss National Bank's main interest rate evolved. On the eve of the crisis (at the end of 2007), it was 2.75%. In 2008, it was reduced to 0.5%. At the end of 2014, it reached negative levels (gradually falling to minus 0.75%). She then returned to affirmative levels. However, it never reached pre-crisis levels in 2008-2009. Since June last year, it has remained at zero levels and remains at this level until today. It is clear that Swiss banks usage the base rate as a benchmark for setting interest rates for their active and passive operations. For active operations, this includes debt interest rates. For passive operations, this includes deposit interest rates and another client accounts. At any points, deposit interest rates in Swiss banks were negative. It is understandable that this led to the outflow of retail deposits. Non-cash assets were converted to cash.
Currently, the Swiss National Bank most likely has the lowest base rate of all leading central banks. These are the values in respective central banks: US national Reserve – 3.75%; People's Bank of China – 3.0%; Bank of England – 3.75%; Bank of Japan – 0.75%; European Central Bank (ECB) – 2.15%; Riksbank – 1.75%; Reserve Bank of Australia – 3.85%; Bank of Canada – 2.25%. Compared to the main interest rate of the Bank of Russia (15.5%), these levels appear to be very modest. However, they are advanced compared to the Swiss National Bank interest rate, which is zero.
Why does the Swiss National Bank keep its main interest rate to a minimum? As SNB is thus trying to prevent the Swiss franc from being overly strengthened against the US dollar, the euro and another reserve currencies. The 47th US President, Donald Trump, openly stated that America needs a weak US dollar (in terms of exchange rates) and is doing everything possible to weaken it. He argues that this is essential to strengthen the global competitiveness of American business. You gotta admit Trump did it. Last year, the US dollar lost 10 percent compared to the basket of leading reserve currencies. The dollar weakened even more than the Swiss franc, by 12.55%. Switzerland is forced to respond to the unspoken currency war waged by the US and respective another Western countries. The reaction is to lower the main interest rate of the Swiss National Bank.
The simplification in the main interest rate leads to the lowest or even lower interest rates on deposits in Swiss banks. According to the Swiss National Bank, the minimum deposit rate in Swiss banks was set in February 2022 – minus 0.47%. Mass exodus of customers (mainly natural persons) began with non-cash transactions for cash. The Swiss Central Bank has contributed to the fast increase in request for cash among individuals. After August 2022, the deposit rate began to emergence somewhat above zero. The summit was recorded in August 2023 – plus 1,28%. It then fell again and is now close to zero.
I think it is now clear why Swiss citizens have so much cash hidden under mattresses. It is besides understandable why citizens of this Alpine republic are so worried about always having access to cash. This concern led to a referendum. And, fortunately for the Swiss, their right to cash will be enshrined in the Constitution.
In the erstwhile article, I noticed that Switzerland is preparing for a referendum. But in any case, he will not be a pioneer in the constitutional protection of citizens' rights to cash. I wrote that 1 European country had already enshrined citizens' right to cash in its constitution: Slovenia. The social movement there called “We are connected” initiated an initiative to defend the right to pay in cash. In 2023, more than 50,000 signatures were collected under a suitable petition. It is rather possible that Slovenia was inspired to collect signatures from Switzerland. I wrote about the run to collect signatures in Switzerland in 2022, which aimed to hold a referendum on the right of citizens to cash in the Constitution. Enough signatures were collected to justify the referendum, but for unknown reasons it did not take place.
Slovenia besides did not hold the expected referendum. Only more than 2 years later, the will of the Slovenian people was yet enshrined in the bill. Last December, the Slovenian Parliament yet enshrined in the Constitution the right to usage cash as a means of payment. At the 90-member National Assembly (Parliament of Slovenia), 61 Members voted in favour of the proposal, and not 1 was against.
In my erstwhile article, unfortunately, I made a very crucial mistake. I'm in a hurry to correct it. I wrote that Slovenia was the first country to enshrine the right of citizens to usage cash in the Constitution. No, it wasn't the first. It turns out that by then (December 2025) 2 countries had already enshrined the right of citizens to usage cash in the constitutions. They were Slovakia and Hungary.
Slovakia has become a pioneer. In June 2023, the Slovak parliament, with the support of 111 out of 150 MPs, voted to enter the right to cash into the Slovak Constitution. The amendment was proposed by the organization “We are Family”. The observers claimed and continued to claim that this initiative in Slovakia was a consequence to the Brussels (EU) and Frankfurt/Main plans (ECB seats) for the introduction of a digital euro that could full replace the euro.
It turns out that in Hungary in 2023 there were besides calls for legal guarantees of citizens' right to cash. In particular, any Members have tabled specified proposals. I do not regulation out that they were inspired by the movement that began in Switzerland in 2022. Without going into detail, I'll announcement that On 14 April 2025, the Hungarian Parliament adopted the 15th amendment to the Constitution, establishing the citizens' right to cash. On the same day, the bill was signed by the president and officially published.
https://magyarkozlony.hu/documentumoc/4b1bcac5afff2bbed8b8960132b9993f1f8572a5/megtekintes
In this way, Switzerland became the 4th country to have the right of citizens to cash in its constitution.
It is worth noting that there have been virtually no reports in the media of changes in the constitutions of Slovakia, Hungary and Slovenia concerning citizens' rights to cash. Clearly, those who are pushing money out of the planet are doing everything possible to guarantee that the global community does not know about these precedents.
My investigation into Slovakia, Hungary and Slovenia has led me to conclude that these countries, which are members of the European Union and the euro area, have had large difficulties in accepting these changes due to the fact that they were blocked by EU governing bodies and the European Central Bank. Brussels and Frankfurt am Main have been highly delicate to specified initiatives of civilian society politicians and activists in EU associate States.
Written by Valentin J. Katasonov
Швейцарский референдум: победа в за наличную наличную свободу свободу свободу
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(*) Emotions around cash are growing. A referendum will be held in Switzerland on 8 March.
The planet of money is undergoing fast and varied changes. In particular, digital currencies – cryptocurrency and central bank digital currencies have emerged. In any countries, digital currencies gradually displace conventional currencies, including cash and non-cash currencies. Another noticeable trend is the replacement of non-cash cash (both conventional non-cash money in bank accounts and digital currencies that be exclusively in non-cash form).
Some citizens welcome changes in the substitution of non-cash cash and actively participate in it. Others, on the another hand, see them as a serious threat and effort to defy this “progress”. The first see comfort in non-cash transactions. Others consider the transition to cashless as a threat to privacy. The complete replacement of cash-free cash is the culmination of the “electronic concentration camp”. Monetary authorities in different countries reassure citizens, ensuring that they always have a choice between cash and non-cash. They claim that no 1 plans to abolish cash in the form of paper money and coins.
Indeed, so far no government in the planet (mainly monetary authorities represented by central banks and finance ministries) has issued an authoritative message of plans for the full abolition of cash. However, in unofficial statements, officials have repeatedly repeated and proceed to say that cash can become an “anachronism” in the foreseeable future. “It will expire” on its own. And her demise will be documented in any regulatory document.
Such unofficial statements were peculiarly common in China, where a pilot digital yuan task has been taking place for respective years. For example, in 2020 Li Lihui, erstwhile president of the Bank of China, predicted that digital yuan would shortly replace cash.
There are extended statistic showing the process of cash displacement by non-cash currencies.
Firstly, the share of cash in the money supply (cash and non-cash).
Secondly, the share of individual cash and non-cash transactions. This share may be calculated on the basis of the number of transactions or their value.
Thirdly, the percent of citizens who usage cash exclusively or mainly and those who usage only or mainly non-cash payments.
I will not reload this article with data showing a decrease in the share of cash in different countries; instead, I am sending readers to my article “Cash Freedom: Country Ranking”.
In China, India, Mexico, South Korea, Japan, Brazil, South Africa and another countries there is simply a vigorous attack on cash.
However, for now, I would like to focus on Europe. It would seem that European countries should have a akin situation in terms of the ratio of cash to non-cash. In the end, they have a common culture, a common civilization. Moreover, most of Europe is now united within the European Union (27 countries). However, it appears that there are crucial differences in the degree of cash substitution in Europe.
According to Global Payments study 2024,
In 2023, the global usage of cash for payment will account for 16% (6 trillion dollars) of the full value of global transactions. According to the report, the highest share of cash in payments in Europe in 2023 was recorded in Spain (38%) and Germany (36%). The lowest in Norway (4%) and Sweden (3%).
Contrasts are even more striking if we usage the cash share ratio in the full money supply (cash + non-cash). Here are the data from Take-profit.org: https://take-profit.org/en/statistics/money-supply-m1/ In mid-2023, the lowest share of cash was recorded in European countries specified as the UK (3.1%), Sweden (1.3%) and Norway (0.23%). Countries with the highest share of cash are Belgium (8.4%) and the Netherlands (7.5%).
However, in Europe there is 1 country with an abnormally advanced share of cash in full money supply: Switzerland. Her share was 57%. There are so 2 utmost phenomena in Europe. At 1 end is Norway, where the share of cash can be called homeopathic. In the second Switzerland, where the share of cash exceeds half. I haven't been able to find specified a advanced cash rate in any another country in the planet as Switzerland. Even the United States, with a advanced cash ratio (26.6%), has a cash ratio exceeding half the Swiss index.
The European Central Bank (ECB) figures for 2024: 52% of all transactions in the euro area were paid in cash. This indicator is based on the number of transactions. In 14 of the 20 euro area countries, cash remained the most common payment method. The scope is wide: 22% of transactions in the Netherlands, 67% in Malta. The share of cash besides exceeded 60% in Slovenia, Austria and Italy.
If you look not at the number of transactions but according to the full amount of payments, cash represents a smaller share: 39% of the full value. The scope in individual countries varies from 17% in the Netherlands to 59% in Lithuania.
Bank cards account for 39% of transactions and 45% of the full share of payments in the euro area. According to research, the usage of smartphones for buying keeps increasing. https://it.euro24.news/novosti/sko-nalichnyh-nosyat-evropejcy-novye-dannye-ecb-i-raznica-po-stranam
Brussels (European Commission) and the ECB quietly, but constantly take different decisions which contribute to the simplification of cash. In 2020, Brussels proposed limiting the amount of purchases, sales or another payments in the European Union to EUR 10,000. However, EU associate States have obtained the right to set their own lower limits. The EC and the ECB regularly returned to the single limit of EUR 10,000, discussing the date of introduction of that limit. However, for various reasons they put it off for later.
In virtually all European country there are politicians and public figures who argue the further displacement of cash from citizens' lives. The pro-cash moods are peculiarly strong in countries where a advanced percent of citizens benefit exclusively or mainly from cash and do not intend to give it up under any circumstances. These countries include Germany, Switzerland and Austria.
At the end of February, an article was published entitled "Germany and Austria are European cash bastions, as investigation shows".
It presents the results of the YouGov survey conducted in 9 EU countries (Germany, Austria, Switzerland, Ireland, France, Netherlands, Sweden, Denmark and Finland). It follows that 73% of adults in Germany declared that they pay the most in cash. The year before was 69%. A akin situation is observed in Austria, where 71% of respondents declared that they mostly pay in cash. In Switzerland, which ranks 3rd in terms of cash use, 61% of respondents usage it most often. Ireland (58%), France (51%) and the Netherlands (46%). The Nordic countries are at the end of Finland (42%), Denmark (32%) and Sweden (25%).
Incidentally, the survey has shown that many respondents have only a vague thought of the plans of the European Central Bank (ECB) to introduce the digital euro. any of those who know these plans are convinced that the digital euro will not lead to the elimination of the cash euro. The ECB and the European Commission have repeatedly declared that the digital euro will only be a supplement alternatively than a substitute for the cash euro.
However, not all Europeans believe in specified statements by governments. The percent of "trustless" people is peculiarly advanced in countries specified as Switzerland and Austria. As a reminder, in 2022, a petition was launched in Switzerland on the initiative of the social organisation "Switzerland Freedom Movement", calling for a referendum on the legal position of cash. The run to collect signatures took place under the motto “The Cash is Freedom”.
Let us remind you that, under the law of the Alpine Republic, if the authoritative bodies confirm that the number of signatures collected reaches 100,000, they are obliged to declare a referendum. By the end of February 2022 (exactly 4 years ago) more than 157,000 citizens' signatures were collected.
The Swiss Freedom Movement initiative was launched in Austria. And not just by activists. Partial support was besides expressed by the Austrian Government and the central bank. They promised to argue the proposals of the ECB and the EC to limit cash transactions. The Austrian Freedom organization (FPÖ) proposed entering citizens' right to cash into the Constitution and began collecting signatures for a petition on this matter. I wrote about this in item in the 2023 article “Austria tries to defend “cash freedom” https://www.fondsk.ru/news/2023/08/09/avstriya-pokietsya-zaschitit-nalichnuyu-svobodu.html
Unfortunately, initiatives to warrant citizens' right to cash in the constitutions of Switzerland and Austria have failed. I have failed to find any open sources to explain why there was no referendum in Switzerland. Perhaps the Alpine republic has completely abandoned all manifestations of democracy? There were not adequate votes in the Austrian Parliament to support the FPÖ.
It seemed that the 'money is freedom' movement in Europe yet died. However, fresh months have shown that this movement is alive. He unexpectedly marked his presence in a tiny European country, in confederate Slovenia. Last December, the Slovenian Parliament enshrined in the Constitution the right to usage cash as a means of payment. At the 90-member National Assembly (Parliament of Slovenia) 61 Members voted in favour of the proposalAnd no of them objected. The initiative to defend the right to pay with cash was launched by the Slovenian Citizens' Group “We are Connected”, which gathered over 50,000 signatures for the petition in 2023. It took more than 2 years to establish the will of the nation in law.
A akin situation most likely occurred in Switzerland. For more than 2 years, the media in this Alpine republic has been silent about the failed referendum. Then, on February 25, this year, a message came out in many media: on March 8, a referendum will be held in Switzerland to enter the right to cash into the Constitution. 2 akin proposals will be put to the vote: the first tabled by a group of activists campaigning under the slogan “The cash is freedom”, and the another – a akin government project. As Swiss Info notes, the proposals disagree only in detail. 2 polls have already been conducted in Switzerland, indicating that around 60 percent of citizens would support the thought of entering citizens' right to cash into the Constitution in a referendum.
If Switzerland succeeds in including the right of citizens in cash in the Constitution, it is likely to inspire another European countries, especially Austria. And possibly Germans.
But Brussels, clearly curious in further displacement of cash from the monetary system, is besides awake. It has late been announced that the European Union has set a date for the introduction of a single limit on cash payments (no more than EUR 10,000 per transaction). This limit is to enter into force on 10 July 2027.
P.S. Bloomberg has just published an article entitled "SNB presents winner of the fresh banknote draft a fewer days before the cash vote".
The article notes that the appearance of a fresh draft banknote and a referendum are not a coincidence. Apparently, the Swiss National Bank is convinced that the citizens of the Alpine Republic will vote to hold their right to cash.
Written by Valentin J. Katasonov
Страсти вокруг кэша. 8 марта Швейцарии Швейцарии референдум
(choice, title and subtitle, emphasis and crowd. PZ)
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