SNB Vice-Chairman Makes the Case for Cash: In a time when cash usage is dwindling and big banknotes are increasingly falling into disrepute, one central bank is steadfast. The Swiss National Bank makes a case for cash. SNB cash Schlegel
Digitalization has changed payment habits and put pressure on hard cash. Nevertheless, «it is important that cash continues to be widely accepted and easily accessible», said Swiss National Bank Vice-Chairman Martin Schlegel in remarks prepared for delivery at the Forum for Financial Market Stability in Liechtenstein yesterday.
Detractors argue the widespread use of cash has more sinister purposes, such as funding criminal activity, money laundering, and terrorism, not to mention also using it as a store of value resulting from the proceeds of illicit enterprises. The Royal Canadian Mounted Police known as «Mounties» was one of the law enforcement agencies involved in the decision. According to popular myth, the «Mountie always gets his man,» i.e. criminal. Perhaps that helped the RCMP to nab some nefarious money launderers.
Cash can be used when there are technical issues with a mobile phone or a payment network, cash serves as a particularly good backup, but for that to work, it must be readily available and widely accepted. Schlegel then takes his audience on the trip a 20 franc note takes from printing to finding its way into one of 6,500 ATMs around Switzerland, about one per 1,300 inhabitants. Typically one will find an ATM within one-kilometer proximity.
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