Tuesday, February 7, 2023

Is cash dying?

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Federal Council against acceptance obligation

Is cash dying?

The Federal Council is of the opinion that cash does not necessarily have to be accepted in Switzerland. An obligation to accept cash would be too great an encroachment on economic freedom and freedom of contract.

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Is this the end of cash? The Federal Council is against an obligation to accept cash.

On Friday, the Federal Council approved a report that it had written on behalf of Parliament. He is of the opinion that a “large-scale disappearance” of cash must be avoided as long as there is no equivalent cashless alternative.

Because cash has important functions that cannot completely replace cashless means of payment. It gives the general public access to central bank money, strengthens crisis resilience to failures of electronic payment systems, and protects privacy.

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