If you love the idea of cash money, you may be out of luck soon.
One German bank is already no longer allowing deposits or cash withdrawals starting December 2022.
While cash is still commonly used in Germany, the bank – Raiffeisen Bank – is betting it’s about to be the past.
Digital currency has been rising in popularity, and so has cryptocurrency – both of which are making cash bills obsolete.
While getting many people to give up their love affair with cash will be hard, banks are enthusiastic about the digital revolution.
Cash comes with costs and operation logistics that digital doesn’t. In addition, with cash going away, central banks have a chance to launch the long-discussed Central Bank Digital Currencies (CBDC), which seems convenient but is a lot like putting all of your eggs in one easily corrupted basket.
With decentralized digital currency, users wouldn’t be beholden to bank currencies and the fallibility therein.
But as evidenced by the rocky crypto market in recent weeks, that’s not necessarily a foolproof option either.
In short: if you like cash, you may need to get used to the idea that it’s eventually going the way of the rotary dial.