Almost three quarters vote against Swiss sovereign money scheme: SRF

Almost three quarters vote against Swiss sovereign money scheme: SRF

Voters in Switzerland today overwhelmingly voted to reject a plan that would have required banks to only lend money that they had deposits to back. The country has also set up a crypto valley in the canton of Zug and has been formally considering the possibility to issue a state-backed up with cryptocurrency.

Its executive director Fran Boait, said: "The fact that around a quarter of voters supported the vollgeld initiative shows there is a real appetite for radical reform of a money and banking system which does not seem to be working for most people".

The proposal would have barred banks from creating new money when they grant loans, a measure supporters said would reduce the chances of a future financial crisis.

The vote, called under Switzerland´s system of direct democracy after gathering more than 100,000 signatures, wanted to make the Swiss National Bank (SNB) the only body authorised to create money in the country.

The plan, if accepted could have repercussions beyond Switzerland's borders by removing a practice which underpins most of bank lending in the world.

Concerns about the potential risks to the Swiss economy from introducing the system appear to have convinced voters to reject the proposals.

But opponents, including the SNB, Swiss government and the banks, have said the plan was a unsafe experiment which could damage the Swiss economy.

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