Contra many governments whom has been at war with cash, e.g. Italy, Mexico, Russia, Nigeria and Ghana and US (add to this my personal experience at the domestic airport) here’s why cash plays a vital role in society.
An incisive anecdote from the Wall Street Real Times Economic Blog:
After the collapse of Lehman Brothers in 2008, public’s faith in banks wavered in many countries, sending people to exchange their savings for cash. Demand for the euro banknotes surged in and outside the euro area. “We could have not handled it without the €500 note,” Mr. Heinonen said.
Cash may function as one of the potential safehavens against bank failures.
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