Future of cash: what we can learn from the history of money

US Federal Reserve automated cash vault
An automated cash centre operated by the Federal Reserve

The ongoing pandemic has highlighted the paradoxical development of the usage of cash: its use as a payment instrument has decreased yet, at the same time, its use as a store of value has reached record growth rates. To understand this development, it is useful to reflect on the history of money.

Money is commonly defined as anything that can be used to make a payment or settle a debt. Without taking a stance in the debate over whether there are any historical examples of the most primitive

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