Cash is trust

A consortium of banks and credit unions in the US have joined forces creating Sheltered Harbor - a project to better prepare in the event of a cyberattack. It might be time to look into the management of cash supplies in the event of a disaster.

Contrary to what many have said, Kenneth Rogoff, the Havard Economist, is not cheering for a cashless society but rather for simply a less-cash one, his main argument being that it could potentially deter fraudsters and criminals.

As use of electronic money grows, so does the use of hard cash - but the next step could come from an unexpected player, states Deloitte Chief Economist Ian Stewart.

We rarely stop to think of it, but banknotes are indeed the most secure payment instrument in the world thanks to the high-tech security features that protect them from counterfeiters.

The Bank of England is seeking to enforce the detection of counterfeit banknotes through the Banknote Checking Scheme. This initiative is designed to strengthen the cooperation between retailers and the central bank to identify counterfeit notes.

Statistics indicate that cash is not only used as a tool of exchange but also as a store of value, especially since the 2008 financial crisis.

An increasing number of festivals shifted to cashless, favouring benefits over participants' freedom of choice and convenience.

Theresa May's government is pushing the search for illegal immigrants one step further requiring banks and financial institutions to check account holder residency irregularities starting January.

Credit card lenders target people already struggling with debts by offering new credit limits, encouraging them to accumulate loans and threatening financial stability.

The People's Bank of China has recently implemented an immediate and complete ban on ICOs and other central banks could follow suit.

Major credit reporting agency, Equifax, has been hit by an enormous data breach exposing sensitive data of thousands of customers.

Yves Mersch, member of the ECB, warns against a hasty adoption of digital payments by banks and reminds us that 80% of transactions in the EU are still made in cash.