Mysterious Disappearance of Money With Shocking Rationale: "Pursuit for Eternal Control Over Us"
In Spain, a roundtable discussion was held to address the role of cash as a tool for personal autonomy, coexistence, and collective organization. The event, organised by the Denaria Platform, took place at the Congress of Deputies and was titled "Financial Inclusion in Spain. Cash as a secure and sustainable solution."
The discussion was prompted by concerns about the imminent introduction of the digital euro across the euro area, including Spain. While the digital euro is strategically positioned to modernize payments and reduce external dependencies, arguments from the European Central Bank and stakeholders emphasize the importance of retaining cash as a secure, privacy-preserving, and universally accessible payment method.
Agustín Matía, manager of Down España, expressed his concern about Hacienda's obsession with control preventing people from choosing how they want to pay and use their money. He was joined by Javier Ruperéz, President of the Denaria Platform, who expressed his concern about the growing lack of acceptance of cash in some places and the difficulty in accessing ATMs and bank offices.
Ruperéz defended cash as a means of payment and savings because it guarantees "autonomy and freedom" for many people, is fast, secure against possible cyberattacks, and inclusive. He argued that cash is more respectful of the environment compared to digital alternatives that require electricity and energy consumption.
Miguel Padilla, secretary general of Coordinadora de Organizaciones de Agricultores y Ganaderos (COAG), is a fervent defender of cash payments due to their prevalence in rural areas. He pointed out that public services primarily put up obstacles, and tax evaders are not primarily pursued in rural areas.
Rita Mateos, general secretary of Asociación de Familias y Mujeres del Medio Rural (Afammer), considers cash a "first-order public service" and a "pillar" of the local economy. She denounced the criminalization of citizens who use cash to pay, suspecting them of tax evasion without considering the presumption of innocence.
Cermi's vision is that cash empowers people with disabilities who might otherwise be financially excluded. Pilar Villarino, executive director of Cermi, defended the right of consumers to have and use cash, aligning with the idea that all options should be accessible to people with disabilities. She revealed that they receive "daily complaints" from people who are denied cash payment, most of which come from public sector companies. Villarino stated that suspicion of fraud is not enough to justify the denial of cash payment.
In summary, the roundtable discussion highlighted the need for balanced policies preserving cash to guarantee payment system resilience and inclusivity in Spain. While the digital euro is strategically positioned to modernize payments, arguments from the European Central Bank and stakeholders emphasize the importance of retaining cash as a secure, privacy-preserving, and universally accessible payment method that complements digital innovations, rather than imposing restrictive measures that marginalize cash users. This balance is critical for a sustainable and inclusive financial ecosystem in Spain and the broader eurozone.
[1] European Central Bank. (2021). Digital euro. Retrieved from https://www.ecb.europa.eu/paym/digital/html/index.en.html [2] European Central Bank. (2021). Digital euro: progress and next steps. Retrieved from https://www.ecb.europa.eu/press/key/date/2021/html/ecb.pr210127_1~3d2a9a5333.en.html [3] European Commission. (2020). Digital finance and the single market. Retrieved from https://ec.europa.eu/info/publications/digital-finance-and-single-market_en [4] European Commission. (2020). Financing the European Green Deal. Retrieved from https://ec.europa.eu/info/publications/financing-european-green-deal_en
- The roundtable discussion in Spain was not only about addressing cash as a tool for personal autonomy, coexistence, and collective organization in the present, but also about considering cash as a crucial element for a balanced and inclusive financial ecosystem in the future, especially in light of the imminent introduction of the digital euro.
- In the debate, concerns about the importance of cash as a secure, privacy-preserving, and universally accessible payment method were raised not only by the Denaria Platform, but also by stakeholders and the European Central Bank, who argued that the digital euro should complement, rather than replace, cash.
- Moreover, the roundtable discussion emphasized the role of cash as a means to foster financial inclusion and sustainability, particularly in rural areas, where digital alternatives might not be as accessible or environmentally friendly as cash, and for individuals with disabilities, who might face barriers in the digital finance scene.
