Cashless economy is not the only possible future

Do you feel confident enough leaving the wallet at home and relying only on a bank card or mobile device? Then you understand that a society without cash is no longer a utopia, but our future.

Goals and limits of a cashless system

The recently emerged blockchain technology can give a serious impetus to the transition to a new lifestyle. In principle, the process has already begun, and today almost everyone sees the direction in which they will evolve. Already, cashless transactions are expected to accelerate at compound annual growth rate (CAGR) of 12.7 globally, with emerging markets growing at 21.6 from 2016-21. The money of the future is not bills in your wallet, but numbers on the screen showing the balance in your account.

Proponents of the cash-free world are confident that the present situation is just another step on the path of technological evolution of society. Fascinated by the convenience, simplicity and elegance of new payment technologies, they argue that future payments will be quick and secure. We won’t have to transport money in armored vans under guard, wait for the payment to be credited for several days and fish for small coins in our pockets

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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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