Mersch warns banks not to turn away from cash
Central bankers witness “frequent lobbying” to abolish cash, ECB board member says
Banks must continue to allow customers to use cash, despite some industry pressures to move to a cashless economy, Yves Mersch told an audience in Tokyo today (May 8).
“We currently witness frequent lobbying, overt and covert, to abolish cash,” the executive board member of the European Central Bank said. Mersch said he would not comment on the plausibility of the lobbyists’ claims but noted that “this lobbying fails to respect the will of the general population: cash remains popular”.
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