Publications & Research

Legal Tender Euro Cash Digital CBDC Payments Acceptance Mandatory Access European Commission Right to Pay Deposit Withdrawals Banks Credit

The IMIA calls for clarity on whether the Proposal implies and guarantees euro cash payments acceptance obligation at point-of-sale. The IMIA is concerned that the obligation for Member States to only intervene with remedial measures when a level of non-acceptance of payments in cash undermines the principle of mandatory acceptance implies that ex ante unilateral exclusions of payments in cash are not per se prohibited, as long as refusals of cash payments are not ‘widespread and structural’.

The IMIA argues that it is crucial that legal tender status of euro cash should not be discriminated but consistent to the legal tender status of the digital euro. The Proposal is notably inconsistent with the proposed legal tender status implications for the digital euro, where, apart for microenterprises and private citizens, unilateral exclusions of payments in the digital euro are outright prohibited across the eurozone, and non-acceptance shall be penalised. Read the position paper.

IMIA is of the opinion that it is needed to guarantee absolute obligation to accept cash payments at the point-of-sale, business-to-consumer or government service-to-consumer transactions, uniformly across the eurozone, securing euro cash as a free payment choice to citizens. Therefore, legislative action at EU level is needed to enhance legal certainty and enshrine the legal tender status of euro cash in secondary law. Read the position paper.

IMIA’s view on why it is pertinent to promote and maintain cash payments as reliable and viable and free consumer choice option and therefore advocating safeguarding and investing in cash infrastructure (for wide access and acceptability) as a public good. Cash is the only form of public money intuitively known, understood, utilised and, crucially, trusted by citizens. It provides the society with personal as well as public data safety and privacy, universal inclusiveness, and personal as well as national crisis-resilience. Read the brief.