Swiss government stopped "sovereign money" project

The Swiss government rejected a popular initiative that would transform the monetary system and end fractional-reserve banking, according to its dispatch to Parliament, on Wednesday. 

The government said the "sovereign money" proposal to end fractional-reserve banking would complicate the SNB's monetary policy and put the Swiss economy at risk.
The initiative was the idea of a group that collected more than 100,000 signatures and it says the banking system would become more secure if banks were no longer allowed to create "electronic money" that makes up most bank accounts.

"Switzerland would become a guinea pig for untested reforms," the government said in a statement, adding such a profound transformation of the monetary system would carry substantial risks and could lead to economic upheaval.