Are Pro-Cashless Studies Reliable?

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 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.

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