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Cash: pillar of a nation’s infrastructure

Categories : Cash is trust
July 20, 2016
Tags : Banknotes, Consumers, Trust, Universality
Cash is a pillar of a nation's infrastructure displaying state-of-the-art security technologies and intricate yet intuitive designs.
Communication Team / Equipo de Comunicación

Antti Heinonen, former Head of Banknotes at the ECB, gave an interview to Central Banking making the case that cash 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 payment 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 banknote design are Canada’s polymer banknote series and the €20.

To watch Heinonen’s interview, click here