Why Cash is Stronger than COVID-19

The COVID-19 pandemic has forced Canadians to embrace online shopping and contactless payments, accelerating a shift that’s seen consumers reach more for credit cards than loose change in recent years.

Despite that, cash is thriving.

At the end of 2020, about $100-billion worth of banknotes were in circulation, a year-over-year increase of $13.8-billion, according to a new paper by Bank of Canada staff. With typical growth rates, banknotes would have swelled by $4.9-billion last year – meaning the pandemic led to an extra $8.9-billion surge in demand.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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