Swiss Vote Down ‘Sovereign Money’ Referendum That Commentators Compared to Bitcoin

Switzerland voted against the so-called “sovereign money” referendum Sunday, June 10 – a proposal for a financial system that multiple commentators have compared to cryptocurrency.

Sovereign money is an initiative that would give the country’s central bank sole control over creating money, instead of continuing to allow commercial banks to “create” money for credit and loan purposes.

Switzerland’s sovereign money referendum –  which garnered around 25% or 500,000 affirmative votes – was opposed by Switzerland’s central bank, which stated that a passing vote would have made its work “considerably more difficult.”

According to Beat Weber of the Austrian National Bank, Bloomberg wrote, the idea of sovereign money, or vollgeld in German, can be compared to the use of Bitcoin (BTC) or other cryptocurrencies as a non-debt based economic system.

According to Weber, the similarities between Bitcoin and sovereign money – which takes away commercial banks’ ability…