While the trend towards the complete digitalisation of payments prevailed not long ago, today central banks and governments say that physical money may prove indispensable in crisis situations.
Poland's Minister of Finance Andrzej Domański addressed the issue of cash storage by Poles in case of possible digital crises, in an interview with Polsat News.
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The immediate impetus for this discussion was the recommendations of, among others, Estonia's central bank, which recommended that citizens keep a stockpile of cash in their homes sufficient for up to a week of daily expenditure. The reason for this is the growing risks associated with possible payment system failures, cyberattacks or power cuts.
Experts emphasise that in the event of a major disruption to the financial infrastructure, cash may be the only means of payment available.
When asked about this issue, Domański pointed out that "Poles do not need to be advised to do this, because as a society we keep a large part of our savings in cash."
He added it is not only about extreme scenarios such as war. Even failures of a few hours in payment systems are enough, which, as the experience of recent years has shown, pose a real threat.
Opinions in Poland
Paradoxically, the call to store cash comes at a time when cashless payments are enjoying record popularity. It is estimated that between 70-80% of Poles regularly use bank cards and mobile payments.
At the same time, when asked about the habit of setting aside cash for a few days of everyday spending, the majority of people living in the capital Warsaw said they did.
They fear both cyber attacks and blackouts, which took place last year, as well as international tensions or lessons learned from the COVID-19 pandemic. Many emphasise that they try to store at least small sums in order to be able to function for a few days or even weeks in emergency situations.
"For an ordinary person, anything can happen: a war, a global crisis. Without cash it would be a tragedy," said one Belarusian national living in Poland.
Digital euro: a project of strategic importance
One of the reasons for the Estonian central bank's recommendations is Europe's strong dependence on US payment operators such as Visa and Mastercard. The issue also ties in with the European Union's plans to introduce the digital euro.
It is estimated that up to around two thirds of card transactions in the eurozone are made through these systems, raising important questions about security and the continent's financial sovereignty.
The problem is not just theoretical in nature. Experts and politicians point out that in extreme scenarios - for example, in the event of geopolitical tensions - access to these systems could be restricted, which could lead to major disruptions in the functioning of payments in Europe.
"I think digitalisation is progressing fast enough that it would be good to be independent of these big concerns," one passerby told Euronews.
In response to these challenges, the European Union is working on creating its own payment infrastructure. Its cornerstone is to be the digital euro; public digital money issued by a central bank, operating independently of private intermediaries.
Payments in the digital euro could be made both online and offline, anywhere, anytime.
Nevertheless, awareness of the upcoming changes among Poles is still limited and the final shape of the digital euro is not clear to many citizens.
One of our interviewees noted, "we are not in the eurozone, but the euro is nevertheless a certain form of cash. I don't know how the banks will deal with it. That is, how it will be resolved."
According to the European Central Bank, if the relevant EU regulations are adopted later this year, the first digital euro issue could take place in 2029.
Cash under control: limits and changes in the EU
New EU regulations on cash withdrawals from ATMs introduce additional restrictions on the circulation of larger amounts.
From 2027, member states will be required to set limits on cash transactions. Under the planned rules, withdrawals in excess of €10,000 (or the equivalent in local currency) may be subject to additional requirements, including the need for proof of identity and, in some cases, approval from the relevant institutions.
These changes are part of a broader European Union policy aimed at increasing control over cash movements and countering money laundering. In the event of a breach of the new rules, heavy financial sanctions of up to €150,000 are anticipated.
The proposed regulations are generating a lively debate. On the one hand, they are expected to contribute to greater financial security; on the other, they may restrict the free use of cash, both for everyday spending and for larger transactions.
The future of finance: a hybrid model
The debate on cash and the digital euro shows that money is not only a payment tool, but also an important element of state security and geopolitics.
On the one hand, Europe is seeking to regain greater control over the financial system and to become independent of the global giants. On the other, it is reminding citizens of the importance of the simplest, tried and tested solutions.
As a result, a new model for the way finances work is emerging: a reality in which the wallet contains both banknotes, payment cards and the digital euro, each with a different but equally important role.