The Cambridge Security Initiative (CSi) has published a public interest paper on the future of cash in the domestic and international economy. The lead writer is Dr Alfred Rolington, a CSi fellow and an acknowledged leader in the fields of cyber security and economic security. His stimulating journey through the history of cash and its role in current financial transactions compared to other forms of payments leads him to the view that the dire predictions of the imminent death of cash as a means of exchange are wildly exaggerated.
The paper concludes considering the developments of cybercriminality, “governments will need to continue maintaining oversight of the different types of currency in use ensuring a balanced trajectory between printed and minted money through to a variety of electronic cyber currencies. Currency remains a critical element in national infrastructure and requires special protection” They must ensure the right mix of the means of exchange within national economic and financial systems so that stability, control and sovereignty can be maintained.
The research also suggests that the use of cash is fixed into the transaction processes of much of the world and is embedded into our societal culture.