A cashless economy is not a solution against COVID-19

A cashless economy is not a solution against COVID-19
The public is already jittery as a result of the coronavirus pandemic, meaning that the issue of fake and misleading information about Covid-19 presents a problem as urgently in need of containment as the virus itself. Facebook, which seems to be perpetually making headlines for helping to spread disinformation, is once again in the crosshairs for failing to crack down on corona-related fake news.

It’s not just social media disseminating misleading information about the pandemic, either. Indeed, shoddy journalistic practices are equally to blame. For example, in early March, when The Telegraph and Daily Mail falsely reported that the WHO had advised people not to use banknotes as they could propagate the virus, the news was rapidly picked up by other outlets, thereby creating the impression that paper money presents an extraordinary health risk.

The transformative power of fear

The WHO quickly denied it had issued such a warning, while many other health experts have made it clear that banknotes pose no particular risk. Despite the lack of proof that paper money could be a vector for the virus, businesses around the world have started refusing to accept cash. As a consequence, calls to move away from cash as a means of payment are becoming louder.

Read more

Go Further

Why cash is needed - 07/19/2020

1 2 3 4

The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view