Honing Debate on the Future of Money
At stake is the very future of 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
CashMoney in physical form such as banknotes and coins. More plays an essential role in the economy …
- As the mostly-used payment instrumentDevice, tool, procedure or system used to make a transaction or settle a debt. More globally
- As the only accessible form of money for roughly half the world’s population.
- Because cash in circulationThe value (or number of units) of the banknotes and coins in circulation within an economy. Cash in circulation is included in the M1 monetary aggregate and comprises only the banknotes and coins in circulation outside the Monetary Financial Institutions (MFI), as stated in the consolidated balance sheet of the MFIs, which means that the cash issued and held by the MFIs has been subtracted (“cash reserves”). Cash in circulation does not include the balance of the central bank’s own banknot... More continues to grow faster than GDP in most countries.
- Because cash demand has experienced unprecedented growth during the Covid-19 pandemic.
CashEssentials is the dynamic think tank challenging the notion of a singular future for money (digital or otherwise). To wit, we frame the discussion about the future of cash, not only in technological terms but as an all-pervasive societal issue with fundamental implications for inclusion and equality, resilience and efficiency.
In a bid to challenge the dominant narrative – to diversify and sophisticate the outlook – we believe in the imperative of an open and transparent ‘Cash Dialogue’ that embraces all sectors of society. The future of money and the monetary system must be inclusive, fair, resilient and respectful of individual privacy. It must include a vision for human betterment – no less.
CashEssentials is an independent think tank dedicated to progressive thinking on cash, payments and monetary ecosystems. Because 85% of payments worldwide are still made in cash, we are committed to exploring and promoting innovation to meet that continuing demand. To hone the debate about the future of money.
Research and Analysis
CashEssentials produces reports with a view to outcomes: encouraging a regulatory changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More; bringing influence to bear on the political class; sensitising business to innovation across the cash and payments industry; arguing the ‘case for cash’ creatively in the public policy space.
In 2021, this has included:
- CashTechThe expression was first coined by CashEssentials and is the encounter of cash and technology. It brings together innovative companies who leverage software and modern communications technology to improve cash services: access to cash; acceptance of cash; and the efficiency of the cash cycle for all stakeholders. More: Taking Cash Forward: A compound term coined by CashEssentials, CashTech is the encounter of cash and technology. It brings together innovative companies who leverage software and modern communications technology to improve cash services, access to cash, acceptance of cash, and the cash cycle’s efficiency for all stakeholders.
- The Future of Cash? A Novel Approach to Re-imagining the Future: Thinking outside the box, the ‘novel approach’ herein defies the commonly held narrative of ever-increasing uniformity and ever-decreasing choice. In short: digital-only. Instead, the report identifies multiple plausible futures, recognising different pathways and, more importantly, imagining “desirable societal futures”.
- Cash Glossary: The glossary is designed first and foremost as an educational tool. It aims to help the cash community use the right word in the right situation. It also aims to serve as a bridge between all those involved in the design, production, issuance, distribution, transportation, handling and destruction of banknotesA process by which a central bank destroys banknotes that are unfit to return into the fiduciary circulation. This is the last step in the life of the banknote. The destruction can be done manually or mechanically, and the latter may be online or offline. Online destruction is directly performed by automated sorting machines, without interruption of the treatment process. The process needs to be controlled in a very special way, since there is no possibility of verification or reconciliation. More and coins.
Seminars and webinars
CashEssentials regularly hosts topical seminars and webinars, often holding multiple sessions in series form. Recent events have covered the future of cash and trends in cash usage. In 2022, we will be holding webinars and/or seminars on:
- Access to Cash
- Cash and CBDC
- Future of Cash
- Costs of Payments
- The sustainability of cash
News and Information
The CashEssentials website offers reporting and critical appraisal of the major developments across cash and payments as they happen. The CashEssentials site has become a trusted source of ready and reliable information on all things cash. It has a broad educational and awareness-raising role, making instantly transferable the knowledge, insights and expertise of CashEssentials and its supporters. It is already a sectoral reference and a CashEssentials ‘performance indicator’.
Read more about our activities in the report below, or feel free to contact us.
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