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COVID-19 and Cash

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COVID-19 and Cash VOLUME 18 – NO 3 / MARCH 2020 COVID-19 and Cash: Oberthur to Share a Not-so-Brave New World Anti-Viral Technology Oberthur Fiduciaire has announced that it has developed an effective anti-viral treatment to counter coronaviruses on the surface of banknotes, and that it is making the treatment available to all accredited banknote paper makers and banknote printers. The treatment, Bioguard Enhance™, is applied within the post print varnish and as a paper treatment. It is an extension of the Bioguard™ anti-fungal and anti- bacterial technology paper treatment that is already protecting billions of banknotes in circulation. In the past few weeks, tests conducted On 11 March 2020 the World Health Both the WHO and the US Center for in an independent laboratory in the Organisation (WHO) declared COVID-19 Disease Control and Prevention state that US have shown that when Bioguard to be a pandemic. At around the same the main way that the COVID-19 spreads is Enhance is applied to a banknote time, they also managed to convey an by people-to-people contact and through in both the paper and the post print impression of cash in the context of the droplets that are produced when an varnish, a coronavirus-type virus sample virus that could have long-lasting and infected person coughs or sneezes. was effectively wiped out. damaging effects. The head of Germany’s Robert Koch In the tests the Bioguard Enhance was Institute for infectious diseases, agrees that Is cash safe to use? evaluated against coronavirus OC43, banknotes DO NOT play a significant role While the general advice from WHO about from the coronavirus family that affects in the spread of the coronavirus. The risk protecting yourself from COVID-19 is clear humans. The initial findings from the of banknotes spreading the coronavirus is (eg. wash your hand, keep your distance, laboratory showed that, under standard small ‘unless someone is using a banknote avoid touching your face etc), their advice test conditions, samples treated with to sneeze in’ says Dr Christine Tait-Burkard, about cash is not. Reports that they Bioguard Enhance showed 99.9 % of an expert in infection and immunity at advised against using physical banknotes the coronavirus OC43 were eliminated. the Roslin Institute at the University and coins due to the coronavirus surviving The protocol used is comparable to of Edinburgh. on these were quickly picked up by the the ASTM E1053-97 – Standard Test media and themselves went ‘viral’. The US Center for Disease Control said, Method for Efficacy of Virucidal Agents WHO subsequently issued a statement ‘it may be possible that a person can get Intended for Inanimate Surfaces. COVID-19 by touching a surface or object saying that they have not advocated The science behind this discovery that has the virus on it and then touching avoiding cash (‘we did NOT say that cash results from Oberthur Fiduciaire’s long their own mouth, nose, or possibly their was transmitting COVID-19’), but rather term collaboration with the USA- eyes, but this is not thought to be the main suggested that contactless payments may based laboratory Biological Consulting way the virus spreads.’ be ‘a good idea’, and the risk posed by Services (BCS). BCS has for many handling a banknote is no greater than Continued on page 6 > years been one of the leading experts in touching any other common surface. Even the field of pathogen analysis. so, the original story has done its damage. Continued on page 6 > www.currency-news.com COVID-19 – Truth and Lies ‘A lie gets halfway around the world And it is so frustrating. The damage of After all, it not an unreasonable assumption before the truth has a chance to get its the World Health Organisation (WHO) that people would withdraw large amounts pants on.’ announcement linking cash to the spread to hoard, as they tend to do in times of The above quotation is attributed to the of COVID-19 is well and truly done. Central crisis (albeit that the real story of hoarding in legendary British war-time Prime Minister banks have been slow to respond and this crisis is toilet rolls, not banknotes. Who Winston Churchill. While the context is have given mixed messages about the could have seen that coming?) unknown, it is a perfect metaphor for safety of cash (why quarantine it if it is so But for all the central banks that have the situation today vis-à-vis perceptions safe?). At the same time the commercial sought to reassure the public about cash, of cash. payment sector has promoted contactless there are as many that are encouraging payments as safer for retail staff and the them to use alternatives. They include the public. The net effect is a significant decline central banks of India, Kenya, Portugal, in cash withdrawals. Only time will tell if the UAE, Estonia, Russia, Malaysia to name Inside this Issue reduction is temporary. a few. It is not coincidence that some 1 COVID-19 and Cash: a Not- In early March, a variety of stories appeared of these are active proponents of digital so-Brave New World in the media which quoted a WHO currencies anyway. Could their stance be spokesman saying ‘we know that money opportunistic? 1 Oberthur to Share Anti- changes hands frequently and can pick up Central banks, and cash, don’t work in Viral Technology all sorts of bacteria and viruses.’ He went isolation of course. The pandemic has also on to say that ‘when possible it would be 2 COVID-19 – Truth and Lies seen change in the payments sector which advisable to use contactless payments to has sought to increase the use of non- 3 End of Euro 1 and 2 Cent reduce the risk of transmission.’ cash payments. Coins on the Horizon This was followed up by a statement in A number of countries, such as the the ‘myth busters’ section of the WHO 3 People in the News Netherlands, UK, Saudi Arabia and Egypt, website that said ‘the risk of being infected have raised the payment limit for spending 4 A Mixed Bag from the with the new coronavirus by touching using contactless cards. M-Pesa has Latest Round of Company coins, banknotes or credit cards and waived its fees to discourage cash usage. Results other objects, is very low.’ WHO did not The Allied Irish Bank reversed a decision leave that post up but has confirmed to charge a fee for contactless payments 5 News in Brief subsequently that it did not say cash was using mobile devices. Ant Financial has spreading COVID-19. By then, however, the 7 The Stars of Aruba opened Alipay to third parties to encourage story had taken on a life of its own with the its use. An increasing number of financial 8 Cash Industry Shares media, and social media, in full cry. Words institutions have decided to reduce the Crash matter and here is a great example of that. number of branches open to the public. 10 The response by the cash community has A number of retail outlets, before their The Science Behind been pretty much the same as that of the shutdown, moved to only allowing non- Bioguard Enhance international community to the emergence cash payments methods. 11 Windows of Opportunity of COVID-19 – ie. unprepared, fragmented Even before social distancing became from KURZ and slow. policy, the net effect of COVID-19 and That said, many central banks have now these changes has been a huge reduction 11 EyeQ – Truth is in the Eye entered the debate, using – as noted on in the use of cash. In a matter of just days of the Beholder page 1 – science and logic to make clear in mid March in the UK, for example, cash 12 Physical to Digital: statements that banknotes are low risk usage halved. a Revolution in Document when it comes to spreading COVID-19. This is not just down to public fears about Security At the same time as saying cash is cash and retailer insistence on cards safe to use, some central banks are being used. It is also down to so much of 12 HSP EMEA – Success in also publicising what they are doing to our daily life now having to be conducted the Sun Despite Gathering safeguard banknotes against spreading online, and to the lockdowns that mean Storm Clouds COVID-19 (hence the comment above people simply can’t spend so much. about mixed messages). And while cash may be one casualty, other 13 Three Winners of Regional Another central bank response has payment means are being affected too, with Banknote Awards in been to reassure the public that there McKinsey claiming that both Mastercard Lisbon is sufficient cash in the system to meet and Visa have been hit by a 25% decline 13 Cash Innovation Comes to any requirements. This is supported by in transactions. Prague with WBS 2020 reports from several suppliers that tenders Even so, it is too pessimistic to suggest that and orders are being brought forward – the changes that the pandemic is forcing 14 Some Progress but More to presumably not only to inject more fresh on our payment choices will become Do for Gender Diversity in notes into the system to replace worn permanent once the pandemic is over? Currency notes, but as a contingency. 15 Note and Coin News 2 CURRENCY NEWS | COMMENT End of Euro 1 and 2 Cent People in Coins on the Horizon the News The Central Bank of Curaçao and Sint Maarten has nominated Richard Doornbosch to take over as Governor later this year.
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