The use of cash has declined during the pandemic, with electronic payment methods being popular to avoid coronavirus infections.
4.3. 5:58 PM
Finland The bank is proposing new regulations for cash services, as it says that the current regulations do not sufficiently ensure their implementation.
According to a recent legislative initiative by the central bank, for example, cash should be accepted as a method of payment for services of general interest and citizens should have the right to make a reasonable amount of free cash withdrawals and deposit cash in their account.
Cash services maintain an equal opportunity for Finns to participate in economic activities using the payment method that suits them best.
“For many Finns, cash is still an important means of payment from time to time, and some of us pay for our purchases mainly in cash,” says a member of the Bank of Finland’s Executive Board. Tuomas Välimäki in the bulletin.
Now Preparations for the forthcoming legislative initiative have begun following the change in the cash services situation in the coronary virus pandemic in 2020. The use of cash has declined as electronic payment methods have become popular to avoid infections. The initiative aims to secure the level of service for cash services.
According to the Bank of Finland, cash is also an important method of payment for crisis preparedness. Cash can be used as a payment method when, for one reason or another, electronic payment methods do not work.
The nature of cash as a legal tender and a method of payment equally available to all citizens justifies its status being regulated by parliament, the press release said.
“A regulatory project on the level of cash services, the availability and deposit of cash must be launched before cash services are reduced so much that citizens do not have a reasonable opportunity to use cash as a means of payment,” says Välimäki.
#Money #Bank #Finland #proposes #regulations #cash #services #Cash #important #payment #method #crisis #preparedness
