Cash is a symbol of national sovereignty

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

In post-conflict societies, cash is a symbolic anchor for political stabilisation. In Syria, the 2026 banknote redesign—featuring agricultural motifs instead of political portraits—signals a break with the past, promotes inclusivity, and rebuilds trust in state institutions. High-quality banknotes communicate institutional competence and legitimacy, essential for restoring faith in the financial system. Cash becomes a tactile affirmation of a transition from chaos to stability.

Switzerland joins Hungary, Slovakia and Slovenia as countries looking to adopt a consitutional right to cash.

On March 8, 2026, Swiss citizens will vote on a constitutional amendment to enshrine cash as a fundamental right.

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.

Bulgaria adopts the euro on January 1, 2026, becoming the 21st eurozone member. This historic step follows years of economic convergence and political commitment, promising greater stability and integration.

The U.S. penny, a symbol of American commerce since 1793, is disappearing amid unprecedented turmoil. The Treasury’s decision earlier this year to halt penny production, driven by cost-saving measures has left retailers, consumers, and policymakers scrambling.

Global banknote demand is rebounding post-pandemic, returning to pre-2020 trends. The introduction of new high-denomination notes has slowed, yet cash remains vital as a store of value. Cash infrastructure must adapt to declining transactional use and rising precautionary demand.

The introduction of a digital euro by the European Central Bank (ECB) aims to safeguard the role of public money and maintain trust in the euro. However, its success in mimicking the cash-like properties—such as anonymity, universal acceptance, and resilience—will depend on ensuring a functioning and robust cash ecosystem.

Swiss lawmakers voted in March in favour of enshrining cash in the country's constitution.

Cash is making a comeback! Recent data shows a shift from decline to plateau in cash payments. Despite digital growth, cash remains essential in our payment systems.