Cash no longer king? Swiss National Bank begs to differ

Zurich

THE Swiss central bank sought on Monday to allay fears among citizens that bank notes could eventually be phased out as a result of global money-laundering rules or the rise of alternative payment systems.

Cash will remain a crucial part of the financial system despite these concerns, Fritz Zurbruegg, deputy head of the Swiss National Bank (SNB), said.

"As the supplier of Swiss franc banknotes, the SNB . . . takes the view that the reports about the death of cash are not just exaggerated - t…