A new study from the University of Georgia claims that getting rid of cash could ultimately benefit the average US family, but only if a certain change is made alongside it: lowered taxes. Though some experts have predicted that society will eventually get rid of fiat currency, the idea is controversial — physical cash, after all, is completely anonymous and private, unlike digital transactions.
The anonymous nature of cash makes it a double-edged sword: it offers privacy you can’t get with digital currency (some cryptocurrencies aside), but with the downside that it makes illegal activities and tax evasion easier. Someone may, for example, fail to report their cash tips when it comes time to pay taxes.
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The anonymous nature of cash makes it a double-edged sword: it offers privacy you can’t get with digital currency (some cryptocurrencies aside), but with the downside that it makes illegal activities and tax evasion easier. Someone may, for example, fail to report their cash tips when it comes time to pay taxes.
Read more
The Chinese digital currency as a threat to Freedom
