The end of the world is not getting nearer for Money in physical form such as banknotes and coins. More. It will be years and probably decades before it comes to an end. “The truth must be told to the population: our generation will not see the end of cash,” said Isidoro Alanis, president of Global The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More Group. Alanis was one of the guests at a meeting organized by El Confidencial and Aproser, the Spanish private security association. Entitled ‘Physical and virtual From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More: the future of cash in society’, the meeting tried to answer the eternal question of whether we will one day stop using notes and coins.
The answer, judging by the guests, is clear: it will be many years before it happens – if it happens at all – because cash has a number of advantages that alternative A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods have not been able to match. And the facts speak for themselves: “In the first quarter of 2019, we transported 1.9% more cash in our country than during the same period of 2018, representing a 4.6% increase in value,” said Eduardo Cobas, general secretary of Aproser. “96% of Spaniards consider it a fundamental right and want the freedom to choose how they pay,” he added. According to Cobas, different factors push certain sectors of the population to adopt cash: “It is a more tangible instrument and enables a greater sense of control over spending and savings; it enhances the privacy of the buyer and is also more secure”.
Another defender of the idea that cash will not disappear was economics professor Santiago Carbó :”There is talk that societies would be safer without cash, but the reality is that today it is easier to duplicate a card than to The reproduction or alteration of a document or security element with the intent to deceive the public. A counterfeit banknote looks authentic and has been manufactured or altered fraudulently. In most countries, currency counterfeiting is a criminal offence under the criminal code. More a A 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.”
Three times more The value (or number of units) of the banknotes and coins in circulation within an economy. Cash in circulation is included in the M1 monetary aggregate and comprises only the banknotes and coins in circulation outside the Monetary Financial Institutions (MFI), as stated in the consolidated balance sheet of the MFIs, which means that the cash issued and held by the MFIs has been subtracted (“cash reserves”). Cash in circulation does not include the balance of the central bank’s own banknot... More than in 2007
Since 2007, the circulation of banknotes and coins has trebled which complicates the theory that usage is declining. How are we going to respect the freedom of a 70-year-old who lives in the country and does not use another See Payment instrument. More? According to Alanis, the average transaction of a client that changes money at the Global Exchange Group is about €180 and remains “the only payment method that can be used by 100%”.
The emergence of electronic commerce has not dealt cash a death blow, In the words of the speakers. There are options to buy goods and pay them upon delivery, in your home.
“Cash is the only payment method that puts the user if full control,” said Jimenez, the general director of cash and branches at the Bank of Spain.
According to the speakers, there are other causes that encourage the use notes and coins. Natural catastrophes or events such as a blackout or systems outage are another proof that there are times, when other payment methods have proved insufficient. The last significant case occurred just a few days ago in New York, which ran out of electricity for four hours..