In an increasingly digitised world, where electronic transactions are gaining ground and contactless payments have become the norm for many, it is worth pausing and reflecting on an element whose discreet presence guarantees something much more profound than simple ease of payment: cash. From our position as an association committed to defending the public interest, we at Denaria would like to stress that cash is a fundamental tool for stability, sovereignty and, ultimately, national security.
At first glance, it might seem that the progressive replacement of cash by digital means is a sign of progress. However, what is at stake goes far beyond efficiency or convenience: it is about the strategic balance of our economic infrastructure and the inalienable right of every citizen to choose how to manage their money.
Cash represents independence and freedom of choice. It is not dependent on technology, electricity, internet connection or remote servers. It is resilient to cyber-attacks, power outages and geopolitical crises. When all else fails, cash keeps working. This makes it irreplaceable in the face of increasingly frequent and sophisticated threats that can cripple digital payment systems.
This reality has not gone unnoticed by the European institutions. The European Commission itself, in its recent EU Preparedness Strategy for future pandemics and other serious cross-border health threats -presented in March 2025- identifies the need to strengthen the economic and operational resilience of Member States in the face of systemic crises. The document urges countries to ensure the continuity of critical infrastructure and explicitly considers the availability of cash as part of the response to emergency scenarios, recognising its essential role in the continuity of daily life when digital systems may be compromised.
Similarly, in the framework of the recommendations on citizen preparedness, the EU has included cash as one of the essential elements in household emergency kits. Along with non-perishable food, water, torches or medicines, cash is listed as a key resource to ensure self-sufficiency in case of prolonged system disruptions. This is no minor indication: it reflects a paradigm shift in which cash is no longer a simple means of payment, but a strategic asset for citizen self-protection and national stability.
Digital payment systems, however sophisticated, are subject to inherent vulnerabilities. A coordinated attack on a nation's digital infrastructure is enough to cripple its economy. This is no longer science fiction: cyber-attacks on critical infrastructure are no longer a hypothetical scenario but a tangible and present threat. In this scenario, cash acts as an essential safety net to ensure the country's operational continuity, its civil defence and the preservation of economic autonomy.
Moreover, many of the digital payment platforms are controlled by foreign actors. This poses a real risk of loss of sovereignty. When means of payment are dependent on third parties, a nation's ability to make autonomous decisions is compromised. In situations of diplomatic tension or conflict, access to these systems could be restricted or manipulated. Cash, issued and guaranteed by the state, remains under national control.
This is not to dismiss innovation or demonise digital payments. On the contrary: they offer real benefits in terms of convenience, traceability and efficiency. But we cannot afford to fall into the false dichotomy of ‘all digital or nothing’. The real strength lies in the balanced co-existence of both systems.
As a society, we must ensure that cash remains a real, accessible and protected option. This means preserving a sufficient network of ATMs, ensuring their acceptance in shops and essential services, and establishing public policies that recognise their strategic value.
Denaria therefore calls on policy makers, European institutions, national governments and civil society: let us not allow digital inertia to unwittingly erode one of the most solid foundations of our collective security. Cash is not a nostalgic or economic issue. It is a matter of foresight, resilience, sovereignty and justice.
Because in times of uncertainty, it is the certainty of what always works that provides the most security.
Javier Rupérez, president of Denaria Plataform.
Source: El Confidencial