Coronavirus crisis sparks large bank withdrawals, despite looming cash transaction ban

In discussions about whether we are moving closer to a world without cash, regulators often focus on data showing consumers are purchasing more of their goods and services digitally.

This trend has only accelerated since the coronavirus pandemic — not least because of fears that the virus could spread through the handling of cash.

The concern was so great that in February the People’s Bank of China began sterilising banknotes in regions affected by the virus.

In March, the US Fed confirmed it was quarantining bills arriving from Asia prior to recirculation.

Several other central banks around the world have been sterilising notes and many countries have been encouraging cashless payments.

For the record, there is no evidence that transmission of the virus via banknotes is any greater than transmission via other frequently touched objects, such as credit card terminals or PIN pads.

The official advice from the World Health Organisation has been to wash your hands when handling cash (some Australians have taken that advice a step further and have reportedly been disinfecting their plastic banknotes).

But as coronavirus has made us more anxious about our health, it has also made us paranoid about our financial status.

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Source: Coronavirus crisis sparks large bank withdrawals, despite looming cash transaction ban – ABC News