Bank of England consultation on digital money: ICA contributes on key characteristics for coexistence with cash
The International Currency Association (ICA), representing the global currency sector, has confirmed its submission to the Bank of England’s consultation on its discussion paper on new forms of digital money. The consultation was launched in response to the BoE’s discussion paper published in June 2021, which presented the Bank’s emerging thoughts on new forms of […]
Cash payment limitations for the entire European Union sends the wrong signal about cash, says the International Currency Association
The International Currency Association (ICA) laments the proposed cash payment limitations included in the anti-money laundering regulation presented today by the European Commission, believing they will do more harm than good and urges European policy makers to continue ensuring that cash can play a key role as a public good, in the European Union and […]
Cash is safe: don’t be tricked by misleading article titles
By Wolfram Seidemann, chairman, International Currency Association Since the beginning of the pandemic, we – as a society and especially as a sector producing banknotes and coins for central banks around the world – have seen a steady flow of disinformation around the role cash may play in spreading COVID-19. Let me start with a […]
EU court opinion: cash must be accepted as legal tender for transactions
Since the birth of the single European currency, the principle that euro banknotes and coins are legal tender has been enshrined in the EU Treaty. Unfortunately, during the coronavirus pandemic, fake news about a link between cash and the COVID-19 virus has scared many retailers. In the wake of a case brought against a German […]
New European Commission strategy: cash is a public good and must be accepted by retailers
In the European Commission’s communication on a retail payments strategy, the European Union’s executive has underlined the importance of cash as a public good – stating that “Cash is a means of payment that offers instant settlement in face-to-face transactions, without any technical infrastructure. It is still the only form of money individuals can hold […]
Currency sector association signs sector-wide sustainability charter at annual general meeting
Cash is a public good – it promotes social inclusion and protects personal freedom and privacy. Around the world, cash is used in the vast majority of payments. It should also be as sustainable as possible across its supply chain – as banknote, ink, paper, coin, and payment system leaders came together to affirm this […]
Fighting fake news around cash and COVID
The International Currency Association (ICA), representing the currency sector, has worked with partners since the beginning of this unprecedented public health crisis to highlight verified information on COVID-19 from central banks, health ministries, and academics – governments and research institutes around the world have affirmed that there is no evidence banknotes transmit coronavirus or are […]
ICA information on cash and pandemic
The ICA is concerned by the rise of misinformation regarding the use of banknotes and coins as the effects of the coronavirus (COVID-19) pandemic. The ICA would therefore like to refer to the following statements and references from medical and cash experts.
EBA recommendation of 25/3/2020
The ICA has expressed its concern regarding the EBA’s recent recommendation to use contactless payments in order to avoid contamination with the COVID-19 virus. Inaccurate links have been drawn between the use of cash as a payment medium and the spread of COVID-19. Several central banks have now confirmed that cash is safe to use […]
ICA key messages
Why cash is safe to use in times of Corona Banknotes and coins are safe to use in times of Corona. Central banks and medical experts all confirm that cash is safe to use; there is no evidence for cash transmitting the virus (see list with references). Every information to the contrary is fake news. […]