November 2020

The International Currency Association ICA welcomes the opportunity to contribute to the HM Treasury call for evidence on Access to Cash and commends HM Treasury for taking action on this crucial issue. Cash is an essential factor for personal freedom and privacy as well as social inclusion, and is the only means of payment that is itself a public good.

The HM Treasury call for evidence on Access to Cash comes at a significant and timely moment. In the UK as in many countries, protecting access to cash has become all the more salient in light of the false information that has been circulating regarding cash during the pandemic. Indeed, in the midst of the COVID-19 crisis, many retailers – and some consumers – have fallen victim to disinformation suggesting cash may be a vector of transmission, despite all public health guidance showing that cash holds no greater risk than cashless payments. The ICA hopes that the answers that HM Treasury will collect on the important questions asked in this consultation will also be able serve as guidelines to other countries.

The contribution of the ICA is complementary to individual contribution of the association’s members.