The Indian Digital Currency wants to put an end to Cash

At the Union Budget, Finance Minister Nirmala Sitharaman announced that the government was considering introducing its very own Central Bank Digital Currency (CBDC), or in the case of India, a digital rupee, by the year 2023. For most observers, the announcement seemed to be a bouncer of sorts. After all, what would be the use case for a CBDC in India at this point in time, when basic financial inclusion itself, let alone digital banking, has not hit the sweet spot as far as the masses are concerned. As per a BIS survey of central banks conducted in 2021, 86% of the institutions were...

France refuses Cashless Economy and ensures Access to Cash - 11/19/2021

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...

How harmful is India's Cashless Society? - 11/15/2021

The Indian Opposition has slammed Prime Minister Narendra Modi led Central Government for its demonetisation policy which was implemented on November 8, 2016. Political parties blamed the BJP government for the state of the Indian economy and termed the Centre’s demonetisation policy disastrous as the move completes five years on Monday. Opposition leaders of different parties took to Twitter to show their displeasure. Congress leader and General Secretary of the Party, Priyanka Gandhi Vadra questioned the government. Read more  

Fighting Cashless Economy: What are the options of the US Federal Lawmakers? - 10/22/2021

More businesses are moving toward cashless payment options, and some have even stopped accepting cash altogether. But members of Congress are worried about who could be left behind in this digital transition. Some researchers say the pandemic dramatically accelerated this cashless economy because more people were shopping online and banks were closed too. Some financial advisors said about 7 million Americans are unbanked which means they don’t have a bank account with many of them Black and Hispanic households as well as those who are homeless. Lawmakers say a federal requirement for...

Will Australia be Cashless in a decade? - 10/11/2021

Australia will become fully cashless by 2031 as Covid-19 hastens the death of physical currency, according to most experts surveyed by Finder. The comparison website surveyed 25 experts and 14 - or 56 per cent - said they believed the nation was on track to banish cash in the next decade. Finder said 89 per cent believed the pandemic has accelerated its decline, a result backed up by the company’s recent analysis of RBA data, which showed ATM withdrawals had fallen 65 per cent since peaking in December 2008. Its head of consumer research Graham Cooke said the lifespan for polymer money...

Will Ireland be Cashless? - 09/19/2021

The latest data from the Central Bank shows that ATM withdrawals by Irish residents fell by 40% in 2020 compared to the previous year. The data also revealed that the value of ATM withdrawals fell by 32% from the previous year to €14.7bn in 2020. Interestingly, the average amount per withdrawal increased by 14% from €139.63 in 2019 to €158.74 in 2020. We made fewer withdrawals, but when we did take out cash, we took out more. The big question is whether or not this trend will continue as the physical economy begins to open up again. Read more  
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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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