New EU Parliament Report on Legal Tender Regulation Is a Key Step to Protect Our Freedom to Pay with Cash, Says International Currency Association
The International Currency Association (ICA) welcomes the recently published “Draft Report on the proposal for a regulation of the European Parliament and of the Council on the legal tender of euro banknotes and coins.”
The ICA sees this proposal as a vital move to protect the universality and availability of cash across the Euro area, especially at a time when there are external pressures shrinking cash access in daily life, leaving many people at risk of being excluded from this essential payment option. The ICA cautions that, without active vigilance, more businesses could be incentivised to refuse cash, eroding its legal tender status and robbing citizens of the freedom to choose.
The ICA calls on EU lawmakers to go further still, drawing inspiration from the best cash-protection practices across Europe.
ICA Director General, Frane Maroević welcomed this report:
“Cash isn’t just another way to pay. In times of crisis, when cards, electricity, or the internet fail, cash works. It works for everyone, everywhere, without the need for ID, a bank account, or sharing your private data with countless companies. It is a pillar of inclusion, privacy, freedom and resilience.”
The ICA is pleased that the new regulation proposes:
Acceptance of euro banknotes and coins at all retail and service locations, prohibiting “card only” or “no cash” policies unless both customer and business genuinely agree.
Clear obligations for Member States to guarantee cash access for everyone, everywhere, including rural and remote areas, through ongoing monitoring and rapid fixes wherever access falls short.
Explicit recognition of cash’s unique role for the elderly, the unbanked, vulnerable groups, and anyone who values privacy and control over their spending.
Maroević added: “For cash to be a lifeline in emergencies, it must work every day. We urge the Commission and Council to embrace the best of Europe: countries where cash protection is enshrined in the Constitution, where public ATMs serve even the remotest communities, and where innovative solutions like cash services in post offices, pharmacies, or supermarkets guarantee no one is left behind.”
The ICA calls on EU institutions to:
Adopt strong enforcement so that unlawful cash refusal is stamped out.
Champion best European and global practices, including constitutional guarantees and practical measures to keep cash available and accessible to all Europeans.
Promote cash’s unparalleled role for privacy, inclusion, and economic resilience, securing its place for future generations.
The ICA is ready to work with the Commission, Parliament, and Council to make this vision a reality. Protecting cash means protecting choice, for everyone, everywhere.
