Antti Heinonen, former Head of Banknotes at the ECB, gave an interview to Central Banking making the case that cashMoney in physical form such as banknotes and coins. More is still a pillar of modern society and that it is in constant evolution. He considers cash an essential part of a nation’s “infrastructure” and believes it is the best tool in a time of crisis.
The technological evolution that cash has been experiencing is exceptional and necessary to keep pace with new paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods and fight counterfeiters. Today, banknotes are more durable, more secure, cost less and are quicker to process thanks to new machine-readability features; but that’s not all. An important part of the picture are easy-to-recognise yet hard-to-counterfeit security features – and it’s important to properly inform the public about what to look for in a genuine note as they’re the first filter against counterfeits.
In Heinonen’s view, the best examples in banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More design are Canada’s polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More banknote series and the €20.
To watch Heinonen’s interview, click here.