Laws to Protect Cash Gain Momentum

The European Commission, the European Union’s executive arm, has published a proposal on the legal tender status of euro banknotes and coins. The proposal is part of the Single Currency legislative package which also includes a legal text on a digital euro.

The International Currency Association (ICA), representing the global currency sector, was quick to applaud the proposed legislation to mandate the acceptance of cash, ‘Ensure that Retailers Accept Cash’ having been the first of recommendations to governments in its recent White Paper on Cash Policy (see CN March 2023).

ICA Chair Gianni Santoro commented: ‘to make sure that everyone has the right to use cash, you need to make sure that cash is accepted everywhere. Legislators around the world have recognised this. We are pleased that the European Commission is now also taking this important step.’