Most central banks claim they are neutral or agnostic in terms of choice of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More instruments. Central banks issue cashMoney in physical form such as banknotes and coins. More and are responsible for ensuring the smooth supply and distribution of cashActivity consisting of the delivery of cash throughout the territory in the amount and modality required to adequately cover the needs. It is one of the central bank’s core functions, for which the necessary logistics, materials and human resources are used, either in-house or outsourced. More and facilitating its use by consumers and businesses. But there is a clear line between making cash available and encouraging or promoting its use.

Only Cash is Real

In addition to the Central Bank (OeNB), the Austrian MintAn industrial facility manufacturing coins. More, consumer organisations, employee representatives, the Senior Citizens Council and the Association of Municipalities have joined the initiative to promote cash.

The key objectives of the EuroThe name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More Cash 360° Platform are

• to ensure a comprehensive flow of information between stakeholders;
• to strengthen and secure the position of euro cash in Austria against the backdrop of cash being the only non-profit-oriented means of payment in an increasingly digital payment space;
• to involve the people living in Austria, which we consider crucial, especially in light of advancing digitalization.

“As a member of the EurosystemThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More, the OeNB is tasked with maintaining trust in the common currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More and trust in cash. Our declared focus is on ensuring stability and security. We created this platform as a way to raise awareness in society, in particular in the current environment of multiple crises.” said OeNB Governor Robert Holzmann.

Cash is Essential in Times of Crises

The cash cycleRepresents the various stages of the lifecycle of cash, from issuance by the central bank, circulation in the economy, to destruction by the central bank. More has demonstrated its robustness and resilience in times of manufactured or natural disasters. Ewald Nowotny, former OeNB Governor, advised: “Especially in times of crisis, it is advisable to be prepared and hold adequate amounts of cash – just like we keep candles, matches and drinking water in stock for emergencies like a power blackout. Cash is accessible to everyone, and it is resilient to crises.”

This is particularly true in times of intensified cyber attacks and cyber warfare. For Gerhard Starsich, Head of the Austrian Mint, “Cash is cyber resilient. Cash payments are secure because they cannot become targets of hacking or phishing attacks; they are inexpensive because there are no fees; and they are easy and quick because they do not require log-ins or codes. This is true in particular when trained cash handlers are involved. So if you want to pay with moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More only – and not with your personal data – you should pay in cash.”

Cash Protects Privacy and Individual Freedom

For Harald Mahrer, President of the Austrian Economic Chamber, “Cash gives you independence, also and especially in the digital age. It protects citizens’ privacy and anonymity during payment. Cash gives consumers freedom of choice, providing competitive prices in payment services, which is also particularly relevant not only for retailers but also for small and medium-sized enterprises.”

Renate Anderl, President of the Chamber of Labour) added, “It is important that consumers choose freely between cash and card payments. For many, protecting their privacy is an issue, just as keeping an eye on their expenses. In any case, consumers should have the right to pay in cash. This also means there must be enough ATMs for free-of-charge cash withdrawals.”

All Consumers Must Have the Option to Pay in Cash

 Representing the Consumer Protection Association VKI, Bernd Lausecker concluded, “Cash is an essential guarantor of freedom and data sovereignty: the freedom of making and receiving payments without depending on technical equipment or credentials, and sovereignty over my personal data as paying in cash does not make my shopping behaviour transparent to anybody – neither to retailers nor to payment service providers or big IT companies. All consumers must have the option to pay in cash.”

A Referendum for Cash?

On 28 September, Josef Binder, the 53-year-old owner of a carpentry shop on the outskirts of Vienna, and his secretary, Sabine Hazel, 54, launched an extremely popular citizens’ petition in the Alpine country of 9 million inhabitants. Aiming to have the Constitution amended to include “the right to pay in cash without any restrictions,” their petition has already received over 465,000 signatures – far more than the 100,000 required to launch a debate in parliament. “We’re getting 10,000 more signatures every hour,” said the carpenter on a crusade against what he suspects is state infiltration.

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