Why Europe Still Needs Cash
With the digital revolution generating ever-faster and more convenient means for settling transactions, old-fashioned paper money and coins would seem to have no future. But the three main reasons for abolishing them do not withstand scrutiny.
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FRANKFURT – Payment systems in Europe are facing upheaval. With the digital revolution offering ever-faster and more convenient means for settling transactions, cash seems to some to have no future. But to write off the role of banknotes and coins in the economy would be a mistake.