The ULC had warned against abolishing cash, highlighting the danger it would pose for disadvantaged individuals. In response, the European Commission specified that the intention is not to remove cash from circulation. According to the European Commission, Luxembourg's residents need not be concerned.
The press release specified that the measure was suggested at a Council meeting in 2016, which focused on potential measures to combat terrorism funding. In June 2018, the European Commission concluded a detailed study which revealed that removing cash from circulation would not suffice as a measure to fight terrorism.
Consequently, the Commission did not vote on any legislative measures and does not envisage the initiative continuing.
Consumer warning: Abolishing cash circulation would be highly dangerous: ULC
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Knowledge Bites: 'Funny money' - The Luxembourg Franc
