Cold, hard cash is inevitably going away. Banks have a responsibility to help consumers who don’t have smartphones or even email addresses be prepared, says Shawn Rose, chief digital officer of Scotiabank.
Mexico’s central bank is set to announce Monday that it will lend money to local banks that can’t find U.S. financial institutions to take their stashes of bulk cash in dollars, according to a draft of a statement seen by Bloomberg News.
The Mint’s facilities in Denver and Philadelphia worked overtime in the second half of 2020 so that banks and retailers could get more change into customers’ hands.
The risk of catching Covid-19 through using banknotes is low, according to research by the Bank of England that suggests the aversion to using cash during the pandemic is unnecessary.
Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.
