Switzerland is set to vote on a new change in its currency law that would prohibit total digitization of the country's economy as the world keeps moving to cashless society.
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The Free Switzerland Movement (FBS) has garnered over 111,000 signatures needed to start a vote on the matter, Reuters reports. A proposal wants to include a clause that would guarantee that a "sufficient quantity" of banknotes or coins will always remain in circulation.
FBS President, Richard Koller, said that moving towards the digital economy not only "touches on issues of transparency," but also carries a "huge danger of totalitarian surveillance."
In 2020, the Swiss Financial Market Supervisory Authority (FINMA) tightened regulation of cryptocurrency-related operations by lowering the threshold value for exchange transactions in cryptocurrencies. The FINMA now requires users to provide ID in case of carrying out transactions over $1,000. Previously, the watchdog required verification if a transaction exceeded the $5,000 mark.
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