Key Points

• In a recent IACA webinar, stakeholders made the point that cash system relies on central banks, commercial banks, and cash management companies, and if any one partner weakens or withdraws support, the entire distribution network is at risk.
• The Ligue’s Tanja Kulisch-Ziemens emphasized that cash is not merely a payment method but public money — essential for monetary sovereignty, inclusion, national security, resilience, and public trust.
• If left unaddressed, several driving forces—technology, policy and regulation, and perception—can endanger financial inclusion, crisis resilience, and monetary sovereignty.

In a recent webinar convening global cash cycle stakeholders, Tanja Kulisch-Ziemens, Secretary General of the International Security Ligue’s Cash Chapter, framed the debate around a basic premise: cash is public money and must be protected as infrastructure, not left to market forces alone.

“Cash is not just a payment option. It is public money — the anchor of monetary sovereignty, a core instrument for monetary policy, for inclusion, national security, resilience, and trust,” said Kulisch-Ziemens.

It is also at a crossroads. “The cash system has always been a partnership: central banks, commercial banks, and cash management companies,” she explained. “If any one part weakens or starts not supporting the cash distribution network anymore, the entire system is put at risk.”

Cash is ... the anchor of monetary sovereignty, a core instrument for monetary policy, for inclusion, national security, resilience, and trust. — Tanja Kulisch-Ziemens

All must do their part, she suggested, citing the role of central banks in preventing the erosion of the cash cycle foundation. “If central banks allow the network to disappear as they consider themselves neutral, or if central bank digital currencies are designed to replace rather than complement cash, then the cash cycle itself could be undermined.”

Three structural forces are shaping the future of cash, according to Kulisch-Ziemens.

• Technology, which improves efficiency but accelerates digital adoption,
• Policy and regulation, which are often inconsistent or unclear, and
• Narrative and perception, where digital players outspend cash advocates.

Left unaddressed, these forces threaten financial inclusion, resilience in crises, and monetary sovereignty—issues that require public policy responses, not only commercial adaptation.

A Resilient Future?

What will it take for cash to continue its critical role underpinning resilient societies? Coordinated policy action, suggested Kulisch-Ziemens and other webinar panelists. Central banks must publicly assert their role in safeguarding cash; legislators should enshrine access and distribution guarantees; and the industry must communicate cash’s societal value while pursuing sustainable funding models.

The webinar’s panel coalesced around a pragmatic agenda:

• Regulatory clarity to protect cash as public money.
• Public private partnerships to ensure sustainable funding and distribution.
• Economic viability through pricing that reflects true costs.
• Legislative protection guaranteeing the right to use cash.
• Proactive monitoring and a concerted narrative campaign on cash’s societal value.

In the October issue of Currency News, IACA noted that its webinar “made one thing clear: cash is not just a payment method, but a pillar of trust, inclusion, and national security. As digital innovation accelerates, the challenge is not to resist change, but to ensure that cash remains a viable, accessible, and valued option for all."

More information

The IACA webinar, “A Look at the Future of Cash Management Services (CIT/Cash Processors),” is available to watch online. In addition to Kulisch-Ziemens, the webinar panel featured Scott Forster (CPT Group, Australia) and Charles Nwodo (Integrated Cash Management Services, Nigeria), and was moderated by David Fagleman (Enryo Consulting).