CashEssentials – the cash and payments think tank – has launched the CashTech Forum to promote innovation and technology, thereby ensuring a sustainable and future-proof cash ecosystem.

Benoît Cœuré, Head of the BIS Innovation Hub, recently spoke at The Eurofi Financial Forum. The focus of his speech was that central banks need to move faster on Central Bank Digital Currencies (CBDCs), with the private sector already on the move.

The Central Bank Payments conference has had to become virtual and will now take place as four separate half day events. These will be held on 8, 15, 22 and 29 November.

In place of the annual in-person Future of Cash Conference™, a series of virtual events have been staged. The most recent was an Asia Pacific-focused two-day virtual conference held across four themed sessions in July.

15 organisations across the entire cash cycle have contributed 61 separate case studies illustrating what they have done to reduce their environmental impact for a white paper which will be ready for the UN Climate Change conference (COP 26) starting 1 November. A further five organisations will be providing more examples.

The International Association of Currency Affairs (IACA) held its Excellence in Currency awards ceremony this month, the topic of which was 'Best Currency Initiatives Implemented in Response to The Covid-19 Pandemic’.

The subject of Central Bank Digital Currencies (CBDCs) has moved from ‘vague awareness’ in around 2016 to ‘big news’ today. To help people keep up, the publishers of Cash & Payment News™ (CPN) have decided to start publishing a weekly newsletter dedicated to CBDCs.

Project Dunbar involves the central banks of Malaysia, Singapore, South Africa and Australia. The project, initiated by the Bank for International Settlements (BIS), is to test the use of CBDCs for international settlement.

GSMA has published the number of mobile money accounts in 2020 in different regions, and how many of them are active. The paradox is why are only 25% of registered accounts overall actually active?

In July Germany experienced severe flooding in some regions, as high as seven metres in the town of Bad Neuenahr-Ahrweiler for example. It also resulted in significant quantities of banknotes stored in homes and businesses being damaged by flood water contaminated with mud, sewage and oil.

Ross MacDiarmid, Executive Director of the Mint Directors Conference (MDC), hosted Professor Pasquale Sgro, Professor Franz Seitz and Guillaume Lepecq to consider the question in the title, under the banner of ‘no such thing as a free lunch’.

David Birch, the author, adviser and investor in digital financial services, has recently posted an article on Linkedin, ‘Why would anyone think it is a good idea?’. There is the argument is that shop keepers could always have accepted Bitcoin, but now they have to.

On 15 October 2021 the UK raises its contactless limit to £100 from £45. It also raises the cumulative transaction limit to £300 before a PIN must be entered. This increase means the UK now has the highest contactless limit in Europe and the seventh highest in the world.

The Post Office in the UK is playing an increasing important role in providing cash services to communities. It now provides cash services for over 30 banks and building societies as part of a Banking Framework. Customers can withdraw or deposit cash at any of the 11,500 Post Office branches.

This paper opens asking three questions from a legal perspective; Do central banks (CBs) have the authority to issue digital currency? Can Central Bank Digital Currencies (CBDCs) be real ‘currency’? Should digital currency be legal tender?

In April 2020 Harro Boven and Peter Wieters published a Dutch National Bank (DNB) Occasional Study on the objectives, pre-conditions and design choices for Central Bank Digital Currencies (CBDCs). Harro wrote an abridged version that was used in Payers December publication about CBDCs which is summarised here.

This year the Bank of Canada has published 9 staff analytical notes and staff working papers discussing Central Bank Digital Currencies (CBDCs). As the most recent paper says, as a contingency the Bank of Canada is looking to build its capability to issue a cash-like retail denominated CBDC.

On 12th October the European Central Bank (ECB) opened a public consultation on the creation of a Digital Euro, a Central Bank Digital Currencies (CBDCs). The logic is that the increased usage of digital payments may mean that a Digital Euro is needed to safeguard citizens.

The Institute of Electrical and Electronics Engineers (IEEE) has called for a ‘digital Bretton Woods’ to set standards for digital currency and trade systems. Its call comes in the context of today’s digital platforms that handle more than just finance, but trade, tax and audits, and it does this across borders.

Peterson K Ozili has written about financial inclusion and why it is harder than it looks. Many of the barriers are within the control of governments to remove by investment and subsidies. Others, the cultural, social and income barriers are a much more significant challenge.