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In Austria, Cash Is Still King

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By Stephen Finn @ Shutterstock.com

Chancellor Karl Nehammer of Austria has proposed adding constitutional protections to citizens’ rights to use cash as a form of payment. In a world facing the increasing prospect of central bank digital currencies becoming ubiquitous, this would be a powerful signal that cash is still king, and that people want the freedom of cash. The AP’s Geir Moulson reports:

Austria’s leader is proposing to enshrine in the country’s constitution a right to use cash, which remains more popular in the Alpine nation than in many other places.

Chancellor Karl Nehammer said in a statement on Friday that “more and more people are concerned that cash could be restricted as a means of payment in Austria.” His office said that the “uncertainty” is fueled by contradictory information and reports.

“People in Austria have a right to cash,” Nehammer said.

While payments by card and electronic methods have become increasingly dominant in many European countries, Austria and neighboring Germany remain relatively attached to cash. The government says 47 billion euros ($51 billion) per year are withdrawn from ATMs in Austria, a country of about 9.1 million people.

Protecting cash against supposed threats has been a demand of the far-right opposition Freedom Party, which has led polls in Austria in recent months. The country’s next election is due in 2024.

Asked in an interview with the Austria Press Agency whether it wasn’t populist to run after the Freedom Party on the issue, the conservative Nehammer replied that the party stands for “beating the drum a lot without actually doing anything for this.”

The chancellor’s proposal, according to his office, involves a “constitutional protection of cash as a means of payment,” ensuring that people can still pay with cash, and securing a “basic supply” of cash in cooperation with Austria’s central bank. Austria is one of 20 countries that are part of the euro area.

Action Line: Your Survival Guy has warned about the threat of a cashless society. You’ve also read my suggestions for your cash. In light of the dangers of a central bank digital currency, you want to think about having cash on hand. Click here to subscribe to my free monthly Survive & Thrive letter, and become a Survivor.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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