News in Brief

Netherlands Turns to Legislation to Safeguard Cash

The Dutch Finance Minister has proposed legislation to ensure the provision of cash facilities, at least to a basic level. The legislation builds on the results of a PwC study on the future structure of the system for banknote and coin deposits and withdrawals for consumers and retailers.

The Minister of Finance and the Dutch National Bank (DNB) believe it is in the public interest that cash continues to function effectively as a means of payment, even if its use continues to decline in the future.

In April 2022, organisations and groups involved in the Dutch cash payment system reached agreements in the Cash Covenant. The Minister, Sigrid Kaag, decided to propose legislative measures to anchor these agreements in statute.