Dutch Central Bank Condemns Elimination Of Cash

The Dutch central bank, De Nederlandsche Bank (DNB), does not think we should be moving towards a cashless future. According to Finextra, DNB announced it will be stopping any large scale efforts from financial institutions and retailers that attempt to replace bank notes and coins with card and electronic payments.

DNB posted in an online bulletin that it supported, “maintaining cash as a universally useable and available payment instrument and a smoothly functioning cash chain.”

DNB reported it does not discourage recent pilots with cashless shops, however would condemn any large-scale refusal or pricing of cash payments.

Cash currently dominates Dutch transactions. In 2012, there were 3.8 billion cash payments, compared to the 2.5 billion card payments.

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