Ballot on March 8 What the cash referendum is about - and why the Federal Council is not afraid
Cash as a guarantee of freedom and crisis security? On March 8, the electorate will decide whether coins and banknotes should be expressly protected in the constitution or whether the counter-proposal from the Federal Council and Parliament will suffice.
No time? blue News summarizes for you
- On March 8, 2026, Switzerland will vote on the cash initiative and a counter-proposal from the Federal Council and Parliament.
- Both proposals aim to secure the supply of cash, but differ in terms of scope and wording in the constitution.
- Supporters of the initiative see cash as a guarantee of freedom, privacy and crisis security, while the authorities consider the counter-proposal to be sufficient and legally clearer.
- Neither of the two proposals would change the obligation to accept cash in everyday life.
In March, the Swiss electorate will decide on the so-called cash initiative and a direct counter-proposal from the Federal Council and parliament. The topic up for debate is one that concerns many: the future of coins and banknotes. We explain in five points what this vote is all about.
What does the cash initiative want?
The popular initiative calls for two new provisions in the Federal Constitution. Firstly, the Confederation should be obliged to ensure that coins and banknotes are available in sufficient quantities at all times. Secondly, any replacement of the Swiss franc with another currency should be put to a vote of the people and the cantons.
At the same time, a direct counter-proposal from the government and parliament will be put to the people. This also provides for two new constitutional articles: Firstly, it states that the Swiss currency is the franc. Secondly, the Swiss National Bank will be obliged to ensure the supply of cash.
Anyone looking for differences will notice that they are not immediately apparent. Neither creates any additional rights for the population. Both proposals stipulate that the National Bank must guarantee the supply of cash. In the case of the initiative, there must also be a vote in the event of a currency change.
The population will be able to vote on both proposals on March 8. There is also the additional question: which of the two proposals should be implemented if both proposals are accepted?
What are the pro arguments for the cash initiative?
- The proponents of the initiative want to anchor the supply of cash permanently and explicitly in the constitution. This means that the responsibility should lie clearly with the federal government and ultimately with the people - and not with banks or a national bank that is only indirectly legitimized.
- A central argument is that the initiative explicitly protects physical cash. In contrast to the counter-proposal, it leaves no room for interpretation, according to which "cash" could also include purely digital central bank money in future.
- The initiators consider notes and coins to be particularly crisis-proof: cash functions independently of electricity and the internet and therefore secures trade and supplies even in exceptional situations.
- There is also the aspect of privacy: cash allows anonymous payments, protects property and guards against negative interest rates.
- Finally, cash stands for social participation and freedom. It is accessible to all and for many a visible symbol of democratic self-determination.
What are the arguments against the initiative?
- The Federal Council and Parliament reject the cash initiative and instead recommend that the direct counter-proposal be adopted. This clearly anchors both the Swiss franc as the national currency and the supply of cash in the constitution.
- The counter-proposal is based on proven and legally tested formulations from existing laws. This would strengthen cash without unnecessarily complicating the constitution.
- In contrast, the authorities believe that the initiative uses new and sometimes unclear terms that could give rise to questions of interpretation.
- It also contains "superfluous" provisions, for example on the mandatory referendum in the event of a currency change - as constitutional amendments must always be submitted to the people and the cantons anyway.
- The counter-proposal was widely supported in parliament and in the consultation process and, according to the Federal Council, is considered a lean solution that addresses the concerns of the initiative without stipulating additional constitutional details.
What will change with the vote?
Many staunch supporters of cash hope that the initiative will stop the decline in cash payment options. However, the Federal Council and Parliament assume that neither the initiative nor the counter-proposal would change the obligation to accept cash.
Both proposals are limited to ensuring the availability of cash, not to an obligation to accept cash. The obligation to accept cash is currently regulated in the Currency Act. It states that up to 100 coins must be accepted and that the National Bank and public cash offices accept coins at face value without restriction.
However, the authorities regard this regulation as so-called dispositive law. This means that the obligation to accept coins only applies unless otherwise agreed. Within the framework of economic freedom, companies may stipulate that they only accept digital means of payment. Citizens can therefore not legally enforce the acceptance of cash.
Neither the popular initiative nor the counter-proposal have any practical implications, as Finance Minister Karin Keller-Sutter said. There will be no new tasks and no additional costs. Neither the initiative nor the counter-proposal would result in a right to pay with cash or a compulsion to accept cash.
How could cash be saved?
Statistics and everyday experience clearly show that cash has been losing importance for years. Its use has fallen sharply since 2020 in particular. Today, roughly the same number of payments are made in cash as with debit cards. By contrast, payments via smartphone, for example with Twint, have increased significantly.
The coronavirus pandemic was a key driver of this development. However, it is also being reinforced by large companies and public enterprises. SBB has abolished the option of paying for lockers or toilets with coins at many stations. BLS is planning to do away with cash at ticket machines. Many restaurants have also stopped accepting cash.
This worries many people. They fear that a tried and trusted means of payment will disappear with cash. For them, cash represents an overview and control over their own finances.
The initiators also share this concern. A central aim of the initiative is to counteract the complete monitoring of digital transactions. With exclusively digital means of payment, they fear that companies and the state could more easily track what money is spent on - and by whom. However, a second initiative, which explicitly wanted to include the obligation to accept cash in the constitution, failed due to a lack of 100,000 signatures.
What questions do you have about the vote?
- blue News is once again collecting questions from readers about the vote on March 8, 2026 via email and WhatsApp.
- This will help the editorial team to find out where the public's concerns lie and which points are still unclear.
- You can reach us by email or WhatsApp. Please keep your question short and explain it further if necessary.