Why central banks are speaking up for cash in times of COVID-19
In response to the COVID-19 pandemic – amidst a time of social distancing, an increasing number of central banks are uniting under the same message to the public: “keep using cash”.
Earlier in March, the World Health Organization declared that there was fake news going around about cash being a carrier of the virus. This rumor has been debunked since by medical experts and, now, more and more central banks are advising the public to continue using it as usual, and if anything, use it more. Here are the key messages from central banks regarding cash and coronavirus:
- Cash is safe to use (yes, even in times of coronavirus);
- Wash hands after handling cash (as always), but keep using cash;
- Keep using cash for financial and social inclusion purposes;
- Keep using cash for freedom- and privacy-defending purposes; and
- Keep using cash; it’s best for supporting local businesses.
The probability of picking up any virus from cash is actually very low compared with other surfaces. Both medical experts and central bank the world over have been emphasizing that “cash is safe to use” (even in times of corona). “To date, there is no evidence of the coronavirus having been spread via euro banknotes – and, if it had, the numbers of infection would be way higher,” says Head of the Health Department in Frankfurt, Germany.
Source: Cash Matters (cashmatters.org)