Saturday, 23 June, 2018

Swiss reject sovereign money initiative to radically alter bank lending

Switzerland Rejects Radical Overhaul of Banking System Swiss vote results on banking system and gambling – 10 June 2018
Priscilla Morrison | 12 June, 2018, 15:31

A radical plan to upend Switzerland's financial landscape by barring commercial banks from creating money when they lend was heading for defeat, according to early projections on Sunday.

Polls were due to close around 7.00 am ET in the nationwide referendum on the Sovereign Money initiative, known as Vollgeld or "real money" in German, with a result expected around 11.00 am ET. 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.

The Swiss Finance Minister said that implementing the plan would have raised too many questions that would have been hard to handle for several years.

Repercussions beyond the borders of Switzerland could have be experienced through removing the practice that is the underpin of the majority of the bank lending in the world.

More news: Fox News Calls Trump a "Dictator" Ahead of North Korea Summit

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.

Swiss voters have rejected a referendum that would have made sweeping changes in their country's monetary and banking system.

If approved Switzerland, famed for its banking industry, would have been the first country in the world to introduce such a scheme, leading opponents to brand the plan as a risky experiment which would damage the economy.

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