Global Currency Forum – A Different Approach to Debating Cash

It was a long-time coming, but following two years of delays and a last-minute change of venue, the inaugural Global Currency Forum (GCF) finally went ahead in early May in Port Aventura in Spain.

The event was attended by 450 attendees; 70 central banks and state printworks were in attendance. It was the first event to be organised by the industry – specifically the International Currency Association (ICA) – and featured an eclectic mix of keynotes, panel discussions and technical innovation presentations.

The objective of the GCF at the outset was to create something different – an event by the industry, addressing the issues and challenges facing currency in a collaborative and cooperative way, and engaging all stakeholders without the usual competitive pressures of typical industry events.

According to Wolfram Seidemann, ICA Chairman, it succeeded its objectives.

‘Our industry needs a forum where frank and controversial conversations aimed at exploring some of the critical questions facing our industry could be discussed and debated, he said. ‘The GCF certainly achieved that. It was a great event and a strong platform for change, with energising and inspiring content and a new format that is different from anything that has gone before’.

In particular, the GCF set out to help balance the conversation of the future of payments, ensuring that cash co-exists with digital currencies and other forms of digital payment options, to raise awareness of the value of cash as a public good, to demonstrate best practice and showcase the innovative nature of the industry, and to highlight future challenges.

It was also designed to be inclusive, bringing in voices, perspectives and expertise from outside the industry to provide thought leadership. Alongside the more familiar concerns and discussion over the future of cash and its social benefits, the programme featured a humanitarian angle in terms of the role of cash in crises, along with sustainability.

The latter, says Wolfram, is a key driver for change in the industry. ‘If you look back, the key priorities in our industry used to be security, efficiency and quality of notes in circulation’, he said. ‘Today’s most relevant criteria are resilience and sustainability. Both will drive a lot of change – so how to organise an attractive cash cycle, being resilient to all kinds of crises and environmentally sustainable are definitely the hot topics at the moment’.

As for the key challenges that the CGF set out to address, Wolfram noted that ‘cash provides all this value to society, and CIC is rising. But it has also been disrupted by all the ripple effects of current and recent crises – higher costs of doing business, logistical challenges, higher material prices. We have to address that’.

And what of the future, both for the ICA and the GCF?

According to Wolfram, the ICA was formed to build a voice for the industry and benefits of cash. ‘If you wind back, he said, ‘we found that central banks were too focused on their neutrality. We started with white papers about cash as a public good and we are glad to see the response of central banks – many now understand that being neutral does not mean being inactive’.

‘We need to drive the agenda forward, and create further awareness of where cash benefits society. We will continue working on collecting facts and figures, creating arguments, engaging with decision makers and governments to raise awareness of the role of cash for the public good’.

‘We are in discussions about how to operate the next GCF, he added. ‘But I promised in my closing remarks that there would be a next one, so we will be coming together again, possibly in two years’ time. In the meantime, watch this space!’.