Central bankers fear chaos in a cashless society

Europe's central bankers are warning that a gradual phase-out of cash in many countries poses a serious threat to the financial system, as relying too heavily on digital payment systems exposes them to catastrophic failures in the event of cyberattacks.
Regulators are also weighing in to say that IT failures, systemic hacking risks — and the fact that more vulnerable members of society would be alienated in a cashless world — all argue in favor of keeping a robust system in place — ie., cash.

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Central bankers fear chaos in a cashless society

Cashless isn’t just classist, it’s bad for business - 07/10/2019

Kenneth Rogoff’s war on cash: is he right to call cash a "curse"? - 07/03/2019

Stefan Gleason, President of Money Metals Exchange : "Big Banks and Big Tech are the ones pushing for a Cashless Society" - 07/02/2019

Natalie Ceeney, author of the 'Access To Cash Review' says : "everyone should have guaranteed access to cash in the future" - 06/19/2019

Douglas Ross, Member of Scottish Parliament: "The loss of access to cash inevitably affects the more vulnerable in society." - 06/11/2019

International Legal Firm raises concerns about privacy and security in a cashless society - 06/06/2019

The British Treasury Select Committee warns the elderly and those on low incomes are still reliant on cash - 06/05/2019

Cameron Bready, Global Payments CFO : "There's always going to be a role for cash in commerce around the globe." - 05/29/2019

Dr Muzaffar Syah Mallow : "Cashless society will not make our society crime free." - 05/27/2019

We must halt the relentless march to a cashless society. - 05/02/2019

A cashless society wouldn't work in the US - 04/23/2019

Andrea Nitsche from Cash Matters, says: “Going cashless is not a choice consumers make, it’s a choice made for them by market players." - 04/04/2019

Cybercrimes and security in a cashless society by Dr Muzaffar Syah Mallow - 03/15/2019

Tax evasion and crime: the truth about cash - 01/14/2019

Reserve Bank of Australia governor Dr Philip Lowe: "As we rely less on cash, outages affecting retail transactions can have a significant impact on businesses and individuals." - 11/30/2018

The cashless dystopia : "With implantable chips, we are becoming hackable and trackable devices." - 11/30/2018

Malcolm McDowell, Director on the Board of the International Currency Association : "The most powerful form of reinforcing a ‘save first, buy later’ mentality is to use cash." - 11/20/2018

"For decades, anti-cash campaigns led by dominant card brands, have been waged with the objective of discrediting cash" according to the ATM Industry Association - 11/16/2018

Andy Hoffman, analyst : "In India, the "cashless society" decree changed the life of the masses for the worse." - 11/12/2018

"If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods." says Swedish economist Cecilia Skingsley - 11/12/2018

Bitcoin causes global warming according to researchers at the University of Hawaii - 11/01/2018

The Bank of Canada warns against an increased dependence on retail payment networks. - 10/23/2018

Dr Rakesh Goyal (PhD in cyber security): "The risks associated with the move towards a cashless society are no longer hypothetical." - 10/10/2018

The drive towards a cashless society doesn't appear to be a smart move - 09/10/2018

The challenges of transitioning to a cashless society - 09/08/2018

A cashless society: central bankers warn of the risks involved - 08/14/2018

Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns - 07/10/2018

Sweden’s central bank governor calls for public control over its payment system - 06/04/2018

The former President of Interpol discusses the risks of going cashless - 06/04/2018

CTO of Paypal says Cash still matters and will not go anywhere anytime soon - 05/30/2018

The cashless society from an ethical point of view