Cash remains king in Switzerland: SNB scraps ban on notes
Fritz Zurbruegg, the deputy head of the Swiss National Blank stated that ‘they have no plans to do away with cash’ in an interview conducted amidst the 2017 World Banknote Summit in Basel, Switzerland.
Even though Zurbruegg's loyalties are equally divided between cashless and cash payment forms by law, he points out the many unique advantages of cash:
- how it is symbolic of a nation's stability,
- how it is good for effective budgeting,
- how it is protective of privacy,
- how it is reliable, tangible and
- how it does not require technical knowhow or infrastructure.
After all, banknotes are also a symbol for the quality and stability of our currency, as well as one of Switzerland's calling cards.
- India, Press Trust of. "Cash To Remain King For Swiss, Central Bank Rules Out Note Ban - NDTV." NDTV Profit. February 28, 2017. Accessed April 25, 2017. http://profit.ndtv.com/news/economy/article-cash-to-remain-king-for-swiss-central-bank-rules-out-note-ban-1664549.