Thursday, August 15, 2019
London, August 1st 2019 – Cash Matters , a movement by the International Currency Association (ICA), issued a study today that makes the case for cash as a public good, “Virtually Irreplaceable: Cash as Public Infrastructure.” The paper by Dr. Ursula Dalinghaus , Visiting Professor of Anthropology at Ripon College and affiliated scholar at the Institute for Money, Technology & Financial Inclusion (IMTFI) University of California, takes a close look at the role of cash in society and the specific characteristics making it a public good, citing relevant studies, scholars and field experiments.
“Cash in circulation is growing on a global scale by approximately 3% per year; 80% of all payments worldwide are cash transactions. Cash is an essential part of every stable financial and economic system”, stated ICA Chairman Wolfram Seidemann. “This paper demonstrates that cash is more than just a means of payment. It is a public good, part of modern life and vital for people’s everyday lives.”
The paper comes to the following conclusions:
“The IMTFI has a stellar reputation, and we were very pleased when they consented to an academic evaluation of the role of cash in societies. This paper draws on global studies, data and facts, and provides an excellent resource for all stakeholders”, explained Andrea Nitsche, Chair of Cash Matters. “Our study casts fresh light on the discussion around cash as a means of empowerment of citizens and consumers in society. Many of the scholars and experts cited are economists or central bank experts. However, there is also the anthropological point of view which makes for some surprising insights, and serves to illustrate the theses in this paper with examples from the daily lives of people across the globe.”