On May 4, the European Central Bank announced that the € 500 will no longer be printed and issued around the end of 2018. In Denmark, the government announced a proposal that will allow certain retailers to refuse payments in cash. In Sweden, commercial banks have been leading the push towards a cashless society, with the support of Björn Ulvaueus, former member of the Swedish pop group ABBA.
Meanwhile, the Swiss are sticking to their banknotes and coins.
In spite of international pressure, the Swiss National Bank will retain its current denomination mix which includes the CHF 1,000 note, which is one of the highest value notes in the world and the CHF 5 coin, also one of the highest value coins in circulation. According to Jean-Pierre Roth, former President of the SNB (Swiss National Bank) and Chairman of BCGE (Banque Cantonale de Genève) “The decision to stop issuing high-denomination banknotes will receive the blessing of well-meaning souls but it will fail to meet its objective of fighting efficiently against criminality and will have negative side effects.”
Privacy remains an important preoccupation for the Swiss and this likely explains why they use cash more often than other OECD countries.
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