On March 8, 2026, Switzerland approved, by referendum, a constitutional reform aimed at guaranteeing the existence of cash. The vote was the result of a popular initiative that gathered more than 100,000 signatures, the threshold required to call a referendum at the federal level. The initiative sought to strengthen the protection of cash in the face of the rise of digital payments and concerns about a potential decline in its use in the future.
Two proposals were put to a vote: the original citizens’ initiative and a counterproposal drafted by the government and parliament. The popular initiative ultimately received around 46% of the vote and was therefore rejected. However, the institutional counterproposal was approved by a large majority of voters—nearly 73%—allowing a guarantee regarding the existence of cash to be incorporated into the Constitution.
The reform establishes that the Confederation must guarantee the availability of cash, ensuring that the Swiss franc continues to exist in physical form. With this decision, cash is protected at the constitutional level, and the possibility that it may disappear or be completely replaced by digital means of payment in the future is limited. The result of the referendum reflects broad public support for maintaining cash as part of the country’s monetary system.
Similar measures in other countries
The Swiss case forms part of a broader trend in Europe, where several countries have adopted legal or constitutional reforms to protect the use of cash.
In 2023, the Parliament in Slovakia approved a constitutional reform recognizing citizens’ right to pay in cash. The amendment allows the use of physical money for payments and financial transactions, although it provides for certain exceptions established by law.
Similarly, in 2025, Hungary introduced a constitutional amendment recognizing cash payments as a right. This reform aims to ensure that citizens can continue to use banknotes and coins as a means of payment despite the growth of electronic payment systems.
Slovenia also approved in 2025 a constitutional amendment designed to protect citizens’ right to use cash. The reform was backed by a broad parliamentary majority and was presented as a measure to preserve this means of payment in a context of increasing digitalization.
Conclusion and European dimension
The expansion of digital payments is transforming the payment system in Europe, but it is also reopening the debate on the role of cash. In this context, several countries have chosen to strengthen the legal protection of cash, either through constitutional reform or through specific legislation. The Swiss case stands out not only for its use of a referendum, but also for the broad public support for an institutional solution that guarantees the continuity of cash within the monetary system.
This concern has also reached the European level. The European Union’s Preparedness Strategy, integrated within the “ReArm” program promoted by Ursula von der Leyen, includes cash as part of crisis preparedness measures, recommending its inclusion among the basic resources available to the population. This approach reflects a growing recognition of the risks associated with exclusive dependence on digital infrastructures.
Collectively, these initiatives point in the same direction: cash is no longer merely a means of payment; it is becoming a strategic element linked to economic resilience, security, and the autonomy of the financial system.
Bibliography
Cash Essentials. (2023). Slovakia adopts a constitutional right to cash.
https://cashessentials.org/slovakia-adopts-a-constitutional-right-to-cash/
CMS Law-Now. (2025). Hungary to introduce constitution-based obligation to accept cash payments.
Xinhua. (2025). Slovenia enshrines the right to use cash in the constitution.
https://english.news.cn/europe/20251122/6598a59971c440beb4bdca48e5ca9c4e/c.html
Politico. (2026). Switzerland votes to enshrine cash in constitution.
https://www.politico.eu/article/switzerland-cash-right-constitution-vote/