Cash remains an economic and social Asset

The 21st century is already proving to be different. There has been a worldwide push to make society "cashless." Cyber money appears to be everywhere, while transactions in physical cash appear to be diminishing. The worldwide coronavirus pandemic could have accelerated moving in this direction. Are coins and bank notes really on their way out? Developments all over the world indicate this isn’t about to happen.

According to a Nov.10 Central Banking magazine article, “In some regions, COVID-19 has accelerated the transition to a cashless society. In others, it has underscored the importance of bank notes and coins to millions of people.”

The publication conducted a survey through which 19 “benchmark participant” central banks participated. Almost three quarters of these banks said they expect demand for physical cash to increase during 2022, while 21 percent indicated the demand for cash in their country would decrease.

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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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