India: the Cashless Fail

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...

Some UK banks now more cash friendly? - 05/26/2021

As we shift seemingly relentlessly toward a cashless society, some cash-reliant businesses and consumers who have struggled to access cash have a reason to smile. Several top banks and building societies in the UK are now unifying behind a commitment to ‘protect access to cash’. Here’s the lowdown. What has been happening to cash? The UK has been moving towards a cashless society for some time now. ATM usage, for example, has been declining at a rate of about 6% to 10% a year. Covid-19 has supercharged this transition. During the first lockdown, concerns about virus transmission...

The US tends to protects cash from cashless lobbying - 05/22/2021

After a constituent called Colorado state Rep. Alex Valdez last spring and complained that some local businesses weren’t accepting cash, the Denver Democrat started noticing cashless businesses everywhere, from restaurants to his local coffee shop. Valdez thought refusing cash due to the COVID-19 pandemic made no sense, as merchants were still willing to touch debit and credit cards. And he feared such policies could shut out people without bank accounts, a group that’s disproportionately low-income, Black and Hispanic. So this year Valdez sponsored a bill that would require retailers to...

Colorado is protecting the use of cash - 05/16/2021

A bill signed by Gov. Jared Polis this week will mandate Colorado businesses accept cash. At the onset of the pandemic, many establishments implemented cashless policies due to COVID-19 transmission concerns. The bill, sponsored by two Democratic lawmakers, Rep. Alex Valdez and Sen. Robert Rodriguez, was seen as a proactive step to ensuring cashless policies didn't become permanent fixtures across the state. "This bill really came from hearing from constituents about problems they were having spending cash at their local merchants, everything from grocery to coffee. When the pandemic...

Access to cash: Why the UK Governement is going to protect coins and banknotes - 04/30/2021

The Government is coming under increasing pressure to introduce legislation that will ensure nationwide access to cash and banking services. Such legislation was promised more than a year ago but has been delayed for a number of reasons including the pandemic. Some experts now fear that unless the Government acts soon, the country's cash system could collapse within the next 12 to 24 months, leaving more than five million adults reliant on cash financially excluded. It would also be catastrophic for many small businesses that are still heavily dependent on cash sales. Consumer group...

Cashless Norway has pushed too far - 04/28/2021

Norway’s government wants to make sure banks don’t stop providing cash, as the country becomes the world leader in abandoning physical notes and coins. The Finance Ministry has told the Financial Supervisory Authority in Oslo to put together a plan that will ensure banks continue offering cash services, according to a statement on Friday. That’s after the FSA’s own survey found that a number of Norwegian banks “claim that they are not responsible for offering cash services.” Banknotes and coins are used in only 3-4% of all transactions in Norway, the lowest level of cash usage in world,...
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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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Top Ten Things To Know

The debate

Cash is not spreading COVID-19

CJEU Protects the Right to Pay in Cash

How Fraud is destroying the Trust in Cashless Society

Why local Cash can boost the Economy

Too many British rely on cash to turn into Cashless Society

Doubt over cashless economy: how trust in cash increased during covid-19 crisis

Cashless Societies are no answer to Economic Crisis

New Law to protect the access to cash?

How Free ATMs protect many people from the worst sides of Cashless Societies

No cash, no freedom, for better or for worse, an Australian example