Switzerland Enshrines Cash in Constitution

Referendum Results: Financial Freedom and Changes in Family Taxation

A vast majority of Swiss citizens voted to preserve cash and guarantee the right to use it. The government-backed project was supported by 73% of voters in the nationwide referendum on March 8, 2026, with a turnout of 56%. The initiative was approved by all 26 cantons, according to the Federal Chancellery. The corresponding provision will be incorporated into the Constitution.

The Right to Use Cash

Swiss citizens voted on two questions during the referendum: the popular initiative “For Free Cash” (Cash is Freedom) and the government’s counterproposal. The libertarian “Swiss Freedom Movement” put forward the original initiative and collected over 100,000 signatures required to trigger a referendum. Previously, activists had campaigned against mandatory COVID-19 vaccination.

Authorities considered the wording of this text inaccurate and developed their own version, obliging the Swiss National Bank to ensure the country has adequate cash. Both projects were put to a vote. As a result, voters rejected the movement’s initiative with 54% of the vote and supported the counterproposal with 73%.

Richard Koller, leader of the initiative committee, called the referendum outcome a success and a victory for direct democracy. While the changes are largely symbolic, they establish a constitutional barrier against the complete elimination of physical cash.

Switzerland’s Signal to the World

Switzerland’s decision drew wide attention amid the global debate over the future of cash. The country joined a group of European states — Hungary, Slovakia, and Slovenia — that have already enshrined the right to use cash in their constitutions.

South African anthropologist and activist Brett Scott, a well-known advocate for physical money, told Swissinfo that the Swiss vote sends an important signal to the rest of the world. After decades of banks actively promoting digital payments, the position of an entire state defending cash carries great significance. Scott emphasized the critical importance of cash for the elderly, people with disabilities, low-income citizens, and the preservation of the informal economy.

Sociologist Nadine Frei noted in her research that there is a widespread belief that only cash represents real money. The tangibility of banknotes helps control spending and avoid debt, whereas digital money is perceived as abstract.

Other Referendum Questions

Abolition of the “Marriage Tax”

The reform of taxation for married couples was approved by 54% of voters. Under the previous system, couples with similar incomes paid more taxes after marriage than unmarried partners. The government expects that the reform will bring an additional 60,000 people into the labor market and increase GDP by roughly 1%. The reform will affect approximately 670,000 married couples, with full implementation by the cantons expected by 2032.

Reduction of Public Broadcaster Fees

The “200 Francs Enough” initiative, which proposed lowering the annual license fee for households from 335 to 200 Swiss francs and eliminating it for companies, was rejected by 62% of voters. Reporters Without Borders called the decision an encouraging signal for journalism and democracy amid increasing pressure on public media in European countries. Although the initiative failed, the government had already planned to reduce the fee to 300 francs by 2029.

Creation of a Climate Fund

Left-wing parties proposed establishing a special fund to combat climate change, with annual investments of 0.5–1% of GDP. This initiative was rejected by 71% of voters. Political scientist Cloé Jans from the gfs.bern institute explained the result as reflecting public caution and concerns about additional spending amid current economic and geopolitical conditions. Opponents of the initiative described the outcome as a signal against unchecked government expenditur

Forecast and Significance

Political scientist Lukas Golder from the gfs.bern research institute called the referendum results a government victory and a sign of public trust, noting that voters supported the authorities’ position on all four issues.

Analysts at International Investment emphasize that Switzerland’s decision creates a legal dualism — the digital economy does not eliminate traditional instruments. This decision sets a reference point for other countries where discussions about the future of money are only gaining momentum.