While Nordic countries are backtracking on going cash-free, France’s justice minister has suggested eliminating cash in order to fight crime. But even as French consumers increasingly turn to card payments, not everyone is ready to forgo cash altogether.
Cash plays a central role in the illicit drug trade and in financial crimes, French Justice Minister Gérald Darmanin told a Senate commission last month.
“A large part of fraud, everyday delinquency, and even criminal networks are linked to cash,” he said, suggesting that between €4-6 billion a year is involved in illicit drug trafficking.
“One solution could be a drastic reduction – or even the elimination – of cash, to allow for better traceability,” he said, while acknowledging that eliminating cash would not end drug dealing entirely.
“There will always be drugs and drug deliveries, but once money becomes traceable it becomes more difficult for both the consumer and dealer to bypass financial oversight.”
France to boost police and courts in fight against rising drug scourge
Card payments on the rise
Card and mobile payments now make up 52 percent of transactions, compared to 43 percent for cash, with the rest via cheque or bank transfers.
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