El dinero en efectivo en la encrucijada: impulso, restricciones y convivencia con el euro digital

Abstract

The progressive digitisation of social and economic relations means that cash is tending to be replaced by other digital means of payment. Despite this, cash is still very relevant for certain groups, it has some intrinsic characteristics that are difficult to replicate, and is guaranteed by primary law. In this context, Member States ¿and in particular Spain¿ have adopted a two-pronged approach to cash, both promoting and restricting at the same time its use by citizens. In view of this dispersion of national responses, the EU legislator is working on a proposal for regulation to ensure that cash remains an effective payment alternative. The aim is to prevent the erosion of the legal tender status of cash by defining its admissibility more precisely and by boosting its accessibility to the public. This promotion of cash is framed within a European context of transition, which also includes the commitment to the digital euro. This digital currency will, in principle, complement cash, from which it takes some of its basic characteristics. However, the launch of the digital euro appears as a firm step towards replacing cash, which means that the cohabitation of the two means of payment would be temporary.

Keywords

• cash
• digital euro
• financial exclusion
• monetary policy
• money