The Netherlands Advises Citizens to Keep Cash on Hand

Why? Because there are concerns about a potential collapse of electronic payment systems.

The Dutch Central Bank (DNB) has stated that, in case of a breakdown of electronic payment systems, people should keep enough cash at home to cover three days of expenses — €70 per adult and €30 per child.

This advice or warning has been issued in light of potential disasters or emergencies, due to geopolitical tensions and cyber threats that could jeopardize the country’s payment system.

“Think of situations like a power outage, a technical failure at your bank, or a loss of internet connection. You may not be able to use your usual payment methods. But cash payment is almost always possible.”

The DNB noted that this amount should be sufficient to meet ‘basic needs such as water, food, medicine, and transportation.’

The Dutch Central Bank also advised citizens to not only keep cash, but to also be prepared with alternative payment methods such as contactless payment via phone or smartwatch.

This warning comes after the massive power outage on April 28 that affected Spain and Portugal, and the recent collapse of mobile (phone and internet) systems in many parts of Spain.

During the still-unexplained power outage in Spain, card payment systems were rendered inoperative and ATMs stopped functioning. During this time, people had to rely on cash to obtain essentials like water, food, flashlights, and battery-powered radios.

The European Commission also issued a preparedness plan in March, calling on the public to keep enough essential supplies for at least 72 hours in case of emergencies such as natural disasters or conflict. The list included cash, medication, a portable charger (power bank), and a radio.

Source: Euronews Türkçe