France refuses Cashless Economy and ensures Access to Cash

Many countries continue their crusade against cash: for instance, Australia plans a nearly complete transition to the digital currency by 2024. Meanwhile, others are following a hybrid path that combines both cash and non-cash payments - and France, with its recent decision, has also chosen this course. Why do they need this?   In 2019, most French people preferred to pay in cash, says the Banque de France. The pandemic, however, changed people's preferences and the use of banknotes and coins in the country began to decline - which, in turn, revealed significant problems with general...

Cash under useful protection in the UK - 09/08/2021

As society accelerates into its digital future, the UK is taking steps to protect the centuries-old technology known as paper money. Digital payments are rapidly becoming ever more commonplace, so much so that even the world’s central banks are debating whether to issue an electronic form of money to the public. But increasingly cashless Britain, where many bank branches and ATMs have vanished, has become a reminder of the risks of leaving physical money behind too quickly. Some 10% of Brits still use cash for all or most of their daily purchases, and the poor and elderly can be especially...

Bangladesh still aims Cashless Economy - 09/01/2021

Prime minister’s ICT Affairs adviser Sajeeb Wazed Joy Wednesday said that the next step of digital Bangladesh is building a cashless society to ensure transparency, accountability and mobility in financial transactions. “The next dream of digital Bangladesh is to make a cashless society. The blaze service is a part of the cashless society,” he said while inaugurating the blaze service as the chief guest at a virtual function. State minister for ICT Zunaid Ahmed Palak and Bangladesh Bank deputy governor Jamal Ahmed joined the function as special guests while chairman of the Sonali Bank...

Saudi Arabia aims Cashless Society - 08/23/2021

Youth in Saudi Arabia are using less cash compared to other age groups, a sign that the Kingdom’s plans to create a cashless society is on course. Only 18 percent of Saudis aged between 16 and 22 years use cash, while almost half of people who are 60 and above use cash till date, a report by Fintech Saudi showed. The report also showed that 20 percent of the population in central region of Saudi Arabia, which includes the capital Riyadh, use cash in their everyday transactions, while 37 percent of those living in the western region use paper money in their daily dealings. Read more

India: the Cashless Fail - 07/22/2021

Another Modi initiative commenced just before he left on a state visit to Japan in 2016. He delivered a speech (Nov. 8, 2016) announcing the abrupt withdrawal of 500 and 1000 rupee notes to be replaced by newly designed 500 and 2000 rupee denominations. This would attack corruption and ferret out illegal cash holdings, he claimed. The move removed 86% of cash in the economy almost overnight and naturally caused a liquidity crisis. By the time Mr. Modi returned from Japan, the country was in chaos. In a mostly cash economy, people lined up at banks to withdraw cash and presumably deposit any...

UK, Fragile people are even more vulnerable in a cashless society - 06/29/2021

Moving entirely to electronic payment systems will endanger survivors of domestic violence and alienate the elderly, campaigners have warned. The UK is in “grave danger” of leaving survivors of domestic violence, the elderly  and millions of others without a “vital lifeline” if it continues to race towards a cashless society, campaigners have warned. As lockdown restrictions have eased in recent months, Britons have enjoyed spending money at a wider variety of retailers, restaurants and entertainment venues and have also seen the limit for contactless card payments...
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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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