After digital currency opponents in Switzerland gather enough signatures, the government will hold a referendum on constitutionally securing cash.
Bitcoin and the rising altcoins have increased the popularity of cryptocurrencies. The definition of digital money, which has become widespread globally with cryptocurrencies, has also influenced traditional finance. A group in Switzerland has collected around 150,000 signatures, demanding the protection of cash against digital currency.
After collecting more than 100,000 signatures, the Swiss government decided to hold a referendum on the constitutional guarantee of cash.
Switzerland to Go to Referendum
The petition launched by a group called the Swiss Freedom Movement yielded results. This campaign demanded the protection of the country’s official currency in the growing popularity of digital currencies. The campaign turned into a referendum with the signature of nearly 150,000 people.
The Swiss government took into account the fact that digital currency opponents collected more than 100 thousand signatures and signaled that a referendum would be held. Citizens in Switzerland have a rather conservative attitude towards their currency. The Federal Council said it is aware of the importance of cash for the economy and society.
In Switzerland, the country holding the most cash per capita, a popular vote will be held for the constitutional guarantee of cash. According to the possible outcome of the referendum, the availability of cash will be protected in the constitution in the increasing use of digital currencies.
The Swiss government said it understands the anxiety of digital currency opponents about cash. In addition, the government stated that it is ready to take this demand for the Swiss franc to the constitutional level.
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