A COMMISSION FEARS THE END OF CASH

 The importance of cash is causing a stir among MPs in the Federal Parliament. Pressure is mounting to reduce the use of cash. Zug wanted to enshrine the existence of banknotes in law

WHAT IF ABSOLUTE DICTATORSHIP BEGAN RIGHT HERE...

Indeed, this very Western desire to abolish paper money at all costs would mark the beginning of absolute dictatorship through total control and the omnipresent ‘surveillance’ of every individual!!

May this atrocity never come to pass!

Alain Farrugia

International pressure against the use of large denomination banknotes is causing concern for the Economic Affairs Committee of the Council of States. Its members wish to discuss the importance of cash with the Swiss National Bank (SNB).

A cantonal initiative from Zug is at the root of the discussion. By a vote of 5 to 5, with Chairman Martin Schmid (PLR/GR) casting the deciding vote, the committee refused to proceed with this proposal, which calls for the existence of 10, 20, 50, 100, 200 and 1,000-franc notes to be enshrined in law, Parliament’s services reported on Friday.

The majority prefers to await the outcome of discussions with the SNB to determine whether legislation is required. Currently, it is up to the Bank to decide which banknotes are in circulation. By enshrining the denominations in law, Zug aims to respond to growing pressure to reduce the use of cash.

The majority of the committee supports the aim of the Zug initiative. However, it believes that the issue must be addressed in its entirety and not focus solely on banknote denominations.

Goodbye to the 500-euro note

The European Central Bank will stop issuing 500-euro notes by the end of 2018, as they are accused of playing into the hands of traffickers of all kinds. This measure is unlikely to be emulated in Switzerland.

In May 2016, the Federal Council stated that the widespread use of the 1,000-franc note was an integral part of Swiss culture. Measures have been taken to prevent abuse. People who, in a professional capacity, trade in goods and receive more than 100,000 francs in cash must comply with due diligence requirements.

1,000-franc notes are mainly used in payment transactions. For example, at post office counters or to settle a bill after an online purchase.

Source: 20 minutes