June 28, 2023
The European Commission, the European Union’s legislator, has today published a proposal on the legal tender status of euro banknotes and coins. The International Currency Association (ICA), representing the global currency sector, applauds the body for proposing new legislation that mandates the acceptance of cash.
“Ensure that retailers accept cash” is the first of the Recommendations to governments that the ICA expressed in its recently published White Paper on Cash Policy. All too often, citizens see their options to pay in cash being limited because retailers do not want to accept cash and legislation is not in place to mandate its use.
ICA Chair Gianni Santoro comments: “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 recognized this. We are pleased that the European Commission is now also taking this important step. “
ICA Director General Jutta Buyse adds: “the proposal also addresses access to cash – in addition to acceptance. It has the real potential to truly protect the right of citizens to choose how they want to pay. We are looking forward to contributing to the discussions and share the expertise and experience of our members throughout the world to improve the proposal even further”.
The proposal is part of the Single Currency legislative package that the European Union’s executive arm published today, which also includes a legal text on a digital euro.
The full name of the legislative proposal is “Proposal for a Regulation of the European Parliament and of the Council on the legal tender of euro banknotes and coins”, the full text of the legislation is available here.
The proposal will now be discussed in the European Parliament and in the Council of the European Union before its final adoption.
About the International Currency Association: The International Currency Association is the voice of the currency industry. Our membership is made up of businesses that span the design, production, manufacturing and distribution of banknotes and coins.