Programme
Monday 6 November 2023
Research Seminar is Cash a Public Good? Is Cash a Basic Right?
The two main criteria that define a public good are that it must be non-rivalrous and non-excludable. Non-rivalrous means that the goods do not dwindle in supply as more people consume them; non-excludability means that the good is available to all citizens.
Examples of public goods include law enforcement, national defense, and the rule of law. Public goods also refer to more basic goods, such as access to clean air and drinking water.
Based on this definition sensu stricto, cash does not qualify to the non-rivalrous criterion. Two persons may not use the same banknote or coin simultaneously. If more people use cash, cash in circulation increases. However, the institution “cash” could qualify as a public good.
As part of its ongoing work on the Future of Money, the Reserve Bank of New Zealand initiated a comprehensive public consultation. In September 2021, the RBNZ wrote “Some respondents considered access to cash as a basic human right, stating they value the privacy it provides and its tangibility, as well as being an alternative for those with a low level of trust in banks or the government.”
Many central banks and regulators have identified a number of challenges for the cash cycle including: access to cash; acceptance of cash; efficiency of the cash cycle; resilience; protection of privacy and civil liberties.
If cash were defined as a public good or a basic right, would it be easier to meet these challenges? Would this redefine the role of stakeholders in the future cash cycle? Could it be argued that there are alternatives options to deliver the perceived benefits of cash?
This seminar will bring together researchers from academia and central banks to discuss the issue and the implications for the organization of the cash cycle.
Tuesday 7 November 2023
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Setting the Scene
Welcome Message
Nurettin Tüysüz
Central Bank of Türkiye (Türkiye)
Overview and Challenges of the Turkish Cash Cycle
Berk Yücel Balkiz
Central Bank of Türkiye (Türkiye)
The Crossroads of Cash: Doing Things Differently in a Decade of Change
Kathleen Young
Federal Reserve Financial Services (USA)
Session Q&A
Break – Refreshments
Understanding the Cash Paradox
The Demand for Cash in Turbulent Times: A Global Update
Antti Heinonen
Bank of Finland, External (Finland)
Factors Determining the Cash Demand Patterns in the Eurozone and Hungary
Ildikó Ritzl-Kazimir
Magyar Nemzeti Bank (Hungary)
Session Q&A
Lunch
Round Table Conversations
In these workshops, participants will deploy their collective intelligence to assess and discuss some of the key challenges and opportunities facing the future of cash. The workshop will offer the opportunity to analyse the burning questions, ranging from declining transactional demand for cash; the need for a more resilient cash cycle in a multi-crises environment or the loss of privacy in a less-cash environment. The workshop will take participants beyond deterministic extrapolations and techno-fatalism to examine changes that are inspired by open and creative futures.
The Round Table topics will include:
- Access to Cash
- Acceptance of Cash
- Redesigning the cash cycle
- CashTech and Innovation
- Cash & CBDC
- Cash and Crises
- The environmental sustainability of cash
- How to fund the cash cycle
- Data management
Break – Refreshments
The Cash Cycle in a Digital World
The Future of Cash in Pakistan
Aftab Baloch
Federal Board of Revenue (Pakistan)
Syed Faizan Haider Shah
Pakistan Security Printing Corporation (Pakistan)
Innovation in the South African Cash Cycle
David Little
SBV Services (South Africa)
Solly Bellingan
BankservAfrica (South Africa)
The Environmental Footprint of Cash in the €-Zone
Christophe Baud-Berthier
Banque de France (France)
Session Q&A
Wednesday 8 November 2023
Redesigning the Cash Cycle
Cash of the Future
Katrina Brendle
Deutsche Bundesbank (Germany)
Kerstin Lorek
Deutsche Bundesbank (Germany)
Session Q&A
Break – Refreshments
Resilience by design
The Need for Cash in Times of Crisis – A Concept to Strengthen the Resilience of the Cash Cycle
Tim Stuchtey
The Brandenburg Institute for Society and Security (BIGS) (Germany)
The Commercial cash market in Türkiye & Garanti BBVA’s CIT business
Alper Sayin
GarantiBBVA (Türkiye)
Humanitarian Cash & Disaster Resilience
James Shepherd-Barron
Disaster Risk Management Consultant (UK)
Session Q&A
Lunch
Workshop – The Best Defence is Offence: Pioneering a Cash Narrative to Defeat Cashless Propaganda
Brett Scott
Monetary Anthropologist
The digital payments industry invests heavily into turning the public against cash, and they currently dominate the narrative about the future of money. To counter this, we must step outside the terms of the debate that they have set down and reframe cash as a crucial future-facing form of money that will only get more important with time. In this workshop we’ll brainstorm framings, arguments and slogans that will catch the imagination of the public.
Break – Refreshments
CashTech : how to Boost Innovation in the Cash Cycle?
Cashtech is the encounter of cash and technology. It brings together innovative companies who leverage software and new communications technologies to improve cash services, including access o cash for consumers and businesses; facilitating the acceptance of cash across by retailers across all channels; enhancing the overall efficiency, resilience and sustainability of cash.
The panel will discuss the latest developments and trends in the CashTech space as well as the regulatory and competitive barriers faced by new entrants in the cash space.
Barry Röhrs, Röhrs Associates
Sandipan Chakraborty, Sonect
CashTech Innovation Awards
The CashTech Innovation Awards will celebrate the huge advances being made in harnessing digital technology to ensure an accessible, reliable and sustainable future for cash. There are three categories.
- Best CashTech – open to all organisations
- Best CashTech Innovator – open to start-ups and companies founded after 2016
- Best CashTech Start-Up – open to start-ups companies founded after 2020