The death of cash is a problem for the Bank of Canada GlobeDebate
Barry R. Campbell is a former member of Parliament and now a lobbyist for firms in financial services and other sectors.episode, a bank robber stashes stolen cash and has himself cryogenically frozen. A hundred years later, waking up as programmed, his crime long forgotten, he digs up his stash and tries to spend it. No one will take it.
Some retailers announced that they would no longer accept cash. The Bank of Canada pushed back, urging retailers to accept cash even as the government asked Canadians to limit physical interactions. “Refusing cash purchases will put an undue burden on those who depend on cash and have limited payment options,” the Bank of Canada warned.
One can extoll the virtues of paper currency and believe it is superior to some ethereal digital thing. But an unseen virus makes you question the wisdom of handling money, even if you break quarantine to get to the ATM or the bank. In the COVID-19 crisis, use of cash has declined. Tap – contactless payments via credit and debit cards – has become king where cash once was.
But now, the Bank of Canada’s plans from just a few months ago to promote the use of cash to maintain control over monetary policy and support financial inclusion, while only “thinking” about issuing a central bank digital currency, are likely being revisited.
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