Central Banks
SNB Official Sees Risk That Cash Use May Face ‘Downward Spiral’
- Existing bills and coins system ‘not to be taken for granted’
- Vice president of Swiss central bank speaks in Liechtenstein
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Switzerland needs to ensure a well-functioning infrastructure for ATMs to ensure the declining use of bills and coins doesn’t become self-reinforcing, according to a central-bank official.
“Cash is a well-functioning system, but it is not to be taken for granted,” Swiss National Bank Vice President Martin Schlegel said on Tuesday. “We do also see risks in a strong shift towards cashless payment methods. Declining cash usage puts economic pressure on the cash infrastructure.”