Bank of Finland urges legislative guarantee of monetary services

Valencia. The Bank of Finland issued an opinion accompanied by a legislative proposal aimed at ensuring a level of service in the distribution of cash.

Specifically, this legislative proposal specifies that “it would be desirable to launch a regulatory project setting out the level of monetary services, whether obtained, deposited or accepted as a means of payment, before the services fall below a reasonable level for the community.”

The memorandum notes that the nature of cash as a legal currency and as a means of payment equally available to all citizens justifies that its Basic Law is “regulated in a parliamentary manner”.

As noted, monetary services, referred to as the ability to withdraw, use and deposit euro banknotes and coins from the account, are used to “maintain equal opportunities for Finns to engage in financial activities using the payment method they consider best”. Therefore, it points out that its maintenance requires that all aspects of monetary services work well enough.

As stated in the opinion, criticism plays an important role in local business situations, markets and events, and has a strong influence on the latter. In addition, in the absence of alternative contingency mechanisms, cash payments must be able to respond to any serious interruption of electronic payment, being the only payment option in these cases.

“Cash regulations have been implemented in other Nordic countries,” outlines the legislative proposal, to which it adds: “Measures have been taken to ensure adequate monetary services are provided in the Netherlands, Latvia, Lithuania and Poland, even though the majority have a higher proportion of cash in payments or availability Monetary services compared to Finland.

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