Public Discourse on Cash

In a recent paper – Public Discourse on Retail Payments and the Case of CBDC (SAFE Working Paper No. 474, April 2026) – Ulrich Bindseil, former Director General of Market Infrastructure and Payments at the European Central Bank, analyses how stakeholders in the retail payments industry shape public debates and policymaking. His focus is primarily on digital payments, particularly CBDCs, which he argues have triggered unprecedented public debate. Notably, while central banks’ mandate to issue cash is acknowledged, the broader discussion on the role of cash in retail payments is largely omitted.