Cash generates security

The "Shaping a New Reality of Cash" conference in Warsaw delivered four lessons: cash delivers measurable value exceeding its costs, its distribution infrastructure is crumbling for reasons unrelated to demand, resilience must be built in normal times, and advocacy should sell sugar, not fear.

Russia has made its digital ruble legal tender, compulsory for the country's biggest banks and retailers — the most forceful CBDC push anywhere. So far, the public's answer has been a record boom in cash. The gap between mandated infrastructure and voluntary behaviour is the story.

When a major Swiss retailer's card system failed nationwide for almost a full day, consumers did not switch stores or delay purchases — they rushed to ATMs. A new SNB working paper quantifies, for the first time, how cash infrastructure absorbs the shock when digital payments go dark.

We are increasingly aware of our addiction to social media and its toll on attention and mental health, yet we remain largely blind to a parallel addiction — to digital payments — that quietly erodes financial self-control in much the same way. Both strip away friction, both run on instant reward loops, and both leave the most vulnerable exposed to impulses they can no longer afford.

Critics like Oliver Bullough or Ken Rogoff argue high-denomination banknotes only serve criminals. This study analyzes Y2K, 2008 financial crisis, and COVID-19 data, proving they're vital for emergency cash access when citizens urgently need physical money during global uncertainties and financial system failures.

Planning to sail across the Atlantic? Don’t forget your GPS, your satphone… and your cash. Even in the middle of the ocean, some things just can’t be paid for without cash.

Cash remains a cornerstone of the US financial system, serving as a primary instrument for some, a reliable backup for others, and a store-of-value for millions proving its unique attributes – universal acceptance, anonymity and cost-efficiency - are yet to replicate.

The digital revolution promised convenience, efficiency, and progress, but as cyber threats, addiction, and social fragmentation rise, its dark side is becoming impossible to ignore. Can a hybrid payment future truly balance digital innovation with cash resilience? And as cash usage declines, who will fund the infrastructure that keeps it viable? The future of payments demands a radical rethinking of how we preserve inclusion, trust, and choice.

New York State’s 2026 law mandating cash acceptance marks a turning point for financial inclusion, joining a national movement to protect consumers’ right to pay with cash amid growing concerns over equity and payment system resilience.

Ethiopia is apparently done waiting on foreign firms to print its cash. At the Finance Forward 2026 conference in Addis Ababa, Prime Minister Abiy Ahmed made it official: the country is moving to print its own currency. For decades, the Ethiopian birr has been produced overseas, but the government is now betting that ‘monetary sovereignty’ is worth the massive upfront investment.

The Banque de France, OeNB, and Banco de Portugal form a strategic alliance to secure cash sovereignty. The alliance forges resilient banknote production, blending innovation with tradition to safeguard the euro’s future in an unstable world

UK banks announced plans to create a domestic alternative to Visa and Mastercard, aiming to reduce dependence on US payment networks and enhance financial resilience. This initiative is part of a broader global trend toward monetary sovereignty, accelerated by the election of Donald Trump and geopolitical tensions. The future of payments is expected to be hybrid, with cash playing a crucial role alongside digital innovations.