> one important property of cash is it is printed debt-free by the state, which can profit from the seigniorage This is actually not true in current typical mo

> one important property of cash is it is printed debt-free by the state, which can profit from the seigniorage This is actually not true in current typical monetary systems. There may be exceptions, but the typical setup is that the central bank prints physical money solely as a reaction to demand by banks (who need it to stock their ATMs). From an asset point of view it is an entirely neutral operation that is irrelevant to the state's fiscal position. In some countries (including the US), coins are minted by the treasury and then sold to the central bank for distribution. In those countries, the state does profit from seignorage - but only of coins, so it tends to be irrelevant in practice (modulo the occasional amusing trillion dollar platinum coin debate).