Cashless Economy
One of Asia’s Largest Cryptocurrency Exchange Hacked What Really Lies Behind Sweden's Cashless Crusade A New Bill in Washington D.C. Would Bar Local Restaurants From Refusing Cash Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns In Germany, the cashless economy raises concerns about trust and privacy Sweden’s central bank governor calls for public control over its payment system Cashless society: from Sweden to India, some might get left behind A growing risk of banking disaster in a cashless economy Sweden: citizen rebelling against a cashless economy
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Andy Hoffman, analyst : "In India, the "cashless society" decree changed the life of the masses for the worse."





Andy Hoffman, analyst : "In India, the "cashless society" decree changed the life of the masses for the worse."
The history of paper fiat currency destruction goes back at least 1,000 years, to when it was invented by the Chinese. In the modern day, we have seen the destruction of dozens of others—in Zimbabwe, Venezuela, Turkey, Argentina, Iran. and more. But there is a far more sinister destruction now happening in what was already one of the world’s most poverty-stricken nations, India. It began with a central bank, disguising itself as “Western” and “modern,” that kept on printing money more like a developing country central bank.

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Go Further

John Howland Cochrane, economist and professor at Berkeley: "The ability to transact with anonymity and privacy has been a central freedom for hundreds of years." - 01/15/2019

Reserve Bank of Australia governor Dr Philip Lowe: "As we rely less on cash, outages affecting retail transactions can have a significant impact on businesses and individuals." - 11/30/2018

The cashless dystopia : "With implantable chips, we are becoming hackable and trackable devices." - 11/30/2018

Malcolm McDowell, Director on the Board of the International Currency Association : "The most powerful form of reinforcing a ‘save first, buy later’ mentality is to use cash." - 11/20/2018

"For decades, anti-cash campaigns led by dominant card brands, have been waged with the objective of discrediting cash" according to the ATM Industry Association - 11/16/2018

"If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods." says Swedish economist Cecilia Skingsley - 11/12/2018

Bitcoin causes global warming according to researchers at the University of Hawaii - 11/01/2018

The Bank of Canada warns against an increased dependence on retail payment networks. - 10/23/2018

Dr Rakesh Goyal (PhD in cyber security): "The risks associated with the move towards a cashless society are no longer hypothetical." - 10/10/2018

The drive towards a cashless society doesn't appear to be a smart move - 09/10/2018

The challenges of transitioning to a cashless society - 09/08/2018

A cashless society: central bankers warn of the risks involved - 08/14/2018

Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns - 07/10/2018

Sweden’s central bank governor calls for public control over its payment system - 06/04/2018

The former President of Interpol discusses the risks of going cashless - 06/04/2018

CTO of Paypal says Cash still matters and will not go anywhere anytime soon - 05/30/2018

Banking Security

"In 2018, over a third of the world’s consumers experienced debit or credit card fraud,” says Justin Hansen, security architect at Venafi.

British Retailer Dixons Carphone Faces a Major Breach That Affects Nearly Six Million Bank Cards

One of Asia’s Largest Cryptocurrency Exchange Hacked

A growing risk of banking disaster in a cashless economy

Have your say

Petition: Vote Down the Cashless Welfare Card

"Dear Mr Shorten, I write to you in regard to the cashless welfare card. I wish to raise my concerns to the continuation of the card based on a report that has apparently grossly manipulated many facts to suit a political agenda. To highlight the point approximately 50% of trial participants said...

Petition: the National University of Singapore goes cashless

"On the 16th of April 2018, the National University of Singapore sent a campus wide email announcing a decision to "introduce a cashless campus in the new Academic Year 2018/19, where our retail and dining outlets, including canteens and food courts, will offer cashless transactions". With this...
Academic Research

The High Price of a Cashless Society: Exchanging Privacy Rights for Digital Cash

The cashless society hurts the poor: experience feedback from India

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

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The debate

Education: how will we teach the value of money without cash?

Education: how will we teach the value of money without cash?
With the increased fear of the dawning cashless world surrounding us, the matter of pedagogical...

Cashless society Vs terrorism: Are States fighting last year’s war again?

Cashless society Vs terrorism: Are States fighting last year’s war again?
The deletion of cash will do little or nothing to tackle terrorist cells, which have an arsenal of...

Inclusion: a cashless economy fights the poorest, not poverty

Inclusion: a cashless economy fights the poorest, not poverty
Payment tools which were, a few decades ago, reserved to the wealthy are now widespread, as banking and financial systems develop throughout the world. According to some, the development of electronic means not only warrants the termination of paper currency but would also enable further financial inclusion for impoverished masses. Yet, financial experts fear the potential backlash of such a theory, as recent examples have shown.

A cashless economy to root out theft and petty crime?

A cashless economy to root out theft and petty crime?
The prospect of making crime disappear has been addressed simultaneously with simply deleting other human woes, such as tax evasion and poverty, namely by economist Ken Rogoff. But just as going cashless would merely add more red tape to being poor, suppressing paper currency would do nothing to stymie crime. In fact, our increasingly cashless society has given birth to new, bigger, stealthier forms of crime.

A cashless economy as a bulwark against fraud and tax evasion?

A cashless economy as a bulwark against fraud and tax evasion?
It was Ken Rogoff’s most controversial theory: economies should ban cash in order to address tax evasion and place every single transaction on their radars. By doing so, the rich would no longer be able to hurdle suitcases packed with bills onto airplanes and fiscal justice would be resumed. But the theory has many holes.

Does a cashless economy really boost economic growth for all?

Does a cashless economy really boost economic growth for all?
Various economists are calling for the strong reduction of cash in order to boost economies and the efficiency levels of central banks. While the arguments make some economic sense, their implementation would come at a high political and democratic price. Must economies be privileged and take the lead on political freedom, at the price of unethical government practices?

Governments and sovereignty concerns in a cashless society

Governments and sovereignty concerns in a cashless society
Central banks are putting up remarkably little resistance in defending the currencies they issue, in the global war on cash. As cash prevalence slowly dwindles, private banks and payment solutions are getting closer to their goals, and central banks take a second-row seat to the show. But the demise of cash would relinquish them to the status of secondary players on the market and do disservice to the peoples they administer.

Why commercial banks are lobbying in favor of a cashless economy

Why commercial banks are lobbying in favor of a cashless economy
Banks are eager to press on towards cashless societies, with increased efficiency and margins in sight. The abolition of cash, however, will generate new hidden costs for the public, and place economies under a high risk, with all eggs in one basket.

Ecology: the carbon footprint of payment means in a cashless economy

Ecology: the carbon footprint of payment means in a cashless economy
Amongst the many arguments presented by anti-cash supporters, the environmental balance of banknotes. Would a cashless world better serve the planet’s interest? Not necessarily: banknotes have excellent footprints due to their durability and recyclability, while cashless payment systems simply hide their own.

The convenience of payments means in a cashless economy

The convenience of payments means in a cashless economy
The appearance of immaterial payment systems has increased economic convenience for citizens. From there, payment solution companies go double-or-nothing, promising that going full cashless would be even more convenient. But the inconvenience of going to an ATM will be quickly replaced by new, far more tedious ones, should the cash option disappear.
The website "Cashless Economy" (cashless-economy.com) is edited by individuals and civil society groups fully committed to defending privacy and civil liberties against abuse and the risks inherent in a cashless society.
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