A radical plan to transform Switzerland's financial landscape by barring commercial banks from electronically creating money when they lend was resoundingly rejected by Swiss voters on Sunday.
More than three quarters rejected the so-called Sovereign Money initiative, according to the official result released from the Swiss government.
All of the country's self-governing cantons also voted against in the poll, which needed a majority from Switzerland's 26 cantons as well as a simple majority of voters to succeed.
Concerns about the potential risks to the Swiss economy by introducing a "vollgeld" or "real money" system appear to have convinced voters to reject the proposals.
The Swiss government, which had opposed the plan because of the uncertainties it would unleash, said it was pleased with the result.
"Implementing such a scheme, which would have raised so many questions, would have been hardly possible without years of trouble," Finance Minister Ueli Maurer said.
"Swiss people in general don't like taking risks, and ...the people have seen no benefit from these proposals. You can also see that our banking system functions...The suspicions against the banks have been largely eliminated."
The vote, called under Switzerland's system of direct democracy after gathering more than 100,000 signatures, wanted to make the Swiss National Bank (SNB) the only body authorized to create money in the country.
Contrary to common belief, most money in the world is not produced by central banks but is instead created electronically by commercial lenders when they lend beyond the deposits they hold for savers.