Swiss voters will learn on Sunday if their country will be the first in the world to introduce a radical new financial system that would bar commercial banks creating money each time they made a loan.
Each of the self-governing cantons in the country also voted no in the poll that needed a majority from the 26 cantons along with a simple majority from voters to be successful.
Contrary to common belief, most money in the world is not produced by central banks but is instead created by commercial lenders when they lend beyond the deposits they hold for savers.
"We are pleased, this would have been an extremely damaging initiative", said Heinz Karrer, president of business lobby Economiesuisse.
United Kingdom group Positive Money called for a "global conversation" about the control of money creation.
In the referendum on June 10, only 24.3% of voters supported the initiative, known locally as "Vollgeld".
"This vote should not represent the end, but rather the beginning of a global conversation about whether control of money creation should be in private or public hands".
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 unsafe experiment which would damage the economy.
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.