Money is usually defined by its three roles: unit of account, means of payment and store of value. In this sense, “moneys is what money does”. But money is also a political and social institution. To create trust, public authorities guarantee public money (issued by the central bank) as well as private money (issued by commercial banks). Cash is the only form of public money available to the citizens but represents less than 10% of the monetary supply.

The end of the cash era has been prophesized many times but has yet to be seen. Cash in circulation is slowing down in developed countries but remains quite dynamic in many countries (mostly non-OECD). Cash is certainly losing ground in transactions but remains the main means of payment in numerous areas and is increasingly used as store of value. In France, despite the growing popularity of contactless and smartphone payments, there is a clear rejection of a cashless world.

With money becoming more and more digital, can cryptocurrencies compete with “real money”? There are becoming more and more popular but do not fulfil the three functions of money, especially the core of what money is: a generally accepted means of payment. Central Bank Digital Currencies, on the contrary, would be a new form of public money, but their introduction to the public still seems to be far off.