US EditionEven the European Central Bank Advises: Carry Cash with You!
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Does cash still matter in the age of contactless payments and mobile banking? The European Central Bank claims it does – and more so than many people realize. In its latest document, the institution explicitly appeals to European Union residents to prepare a financial reserve in the event of a crisis. The reason is simple: in the event of a serious emergency, access to funds in their accounts could be temporarily blocked. The ECB's alarming appe…
The European Union is gradually introducing restrictions on cash payments, citing the alleged need to increase financial transparency and combat money laundering and terrorism financing. However, alternative payment methods are unreliable – for example, in the event of a power outage – and therefore, there is no more reliable means of payment than cash. Even the European Central Bank recommends: "Carry cash." The ECB website published an article…
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