Cash still rules in Pakistan

This month marks a year since the World Health Organisation declared the worldwide novel coronavirus a pandemic. A year since nations around the world started declaring lockdowns in a bid to control the contagion. While Covid-19 has been subdued ever so slightly, even now it continues to hammer the world at large and various states continue to make fiscal and monetary adjustments to support battered economies.

Among the few positive lessons a year of pandemic has left us with is that cashless economies are very much possible and beneficial in times of emergencies like the one created by Covid-19. Keeping this in view, a host of developed nations are moving towards adopting digital currencies at the national level. China has completed trials of its digital yuan while the Euro Zone and Canada are also bracing to introduce digital currencies.

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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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