Money initiative: Swiss rejects money

According to the first projections, the Swiss have voted against the change to a new monetary system. A proposal for a new casino law was adopted.

Money initiative: Swiss rejects money

The Swiss have rejected a radical proposal for a new monetary system in a referendum. According to a first extrapolation on behalf of Swiss television, 74 percent spoke out against so-called full-money initiative. The proposal would have limited bank lending and made central bank only source of new money. Proponents had promised to change a more secure banking system, while opponents had warned against incalculable consequences of a world-wide unique experiment for financial marketplace and currency.

The Swiss government, central bank and industry and banking representatives had rejected proposal. It would also have brought about a reshaping of monetary policy in Switzerland. With Money initiative, initiators wanted to make savings deposits safer. Banks would have to deposit customer funds with National Bank and would not have been able to draw up new money by lending. All customer funds should be secure in event of a crisis. In no country in world is re such a system so far.

Monetary reform no, casino licenses Yes

The Government's proposal to provide online licences for Swiss casinos, which was also voted on, was assumed to be 75 per cent, according to projections. Thus, a larger proportion of money that is gambled online will benefit Swiss purposes.

With casino law, government wants to prevent Swiss from continuing to gamble a lot of money on foreign online portals without reflux to Switzerland. You should now use your money on online portals of existing Swiss casinos. Depending on size, y must give up to 80 percent of ir profits. The aim is to promote social and humanitarian projects and to replenish pension fund. Swiss in foreign online casinos in year 250 million francs (229 million euro), estimates University of Bern.

Opponents of casino template criticized that only Swiss casinos get a license. Websites of foreign providers such as those based in Malta or Gibraltar will be banned in future. Opponents of proposal fear that such network barriers are a first step towards public Internet censorship in or areas.

Date Of Update: 11 June 2018, 12:02

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