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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,...

Much more Cash in circulation in Kenya with the COVID-19 crisis - 04/25/2021

The value of cash circulating outside the banking system rebounded in February to a record high of Sh231.37 billion on increased recovery optimism at the start of the year. Fresh data by the Central Bank of Kenya (CBK) shows that the value of currency outside the banking system — which is an indicator of the prevailing economic activity — has continued to defy Covid-19 economic hardships to grow by two percent in February from Sh226.7 billion in January. This growth has, however, failed to better the lives of most Kenyans who have been ravaged by the economic fallout of the pandemic. A...

Japan is still undecided about a national digital currency - 04/23/2021

Will Japan, or won’t Japan when it comes to CBDCs? This month, the Bank of Japan began experiments to test the technical feasibility of a central bank digital currency, with the phase 1 of the project expected to last one year. But the central bank has also cautioned that this is a just-in-case project with no timeline for implementation or launch. In fact, the Bank of Japan has repeatedly stated that it does not see an actual need for Japan to issue a CBDC — an uncertain prospect that is leaving some quarters in Japan feeling impatient. Japan needs to hurry up with its study on central...

A Cashless Nepal? - 04/15/2021

Stay-at-home orders and social distancing requirements in 2020 forced banks and financial institutions to promote cashless solutions. With mobile phones determining the uptake of digital banking, a planned roll-out of super speed 5G internet system by the next fiscal year will trigger a step-change in the digital banking industry. The Kathmandu Post's Krishana Prasain talked to Ashok Sherchan, an experienced banker and CEO of Prabhu Bank, about the future of mobile banking and payment apps including the banking industry's role in addressing the gender gap. You have closely observed the...

In 2020, Cash has grown (a lot) - 04/05/2021

Despite movement restrictions and rapid acceleration in e-commerce and online spending in 2020, cash remained the most prevalent medium of payment in the year, which saw an annual growth of 14.3 per cent, the highest increase in currency in circulation in the last 10 years. “At the end of 2020, there was approximately RM130.4 billion worth of banknotes and coins in circulation, with an annual growth rate of 14.3 per cent. This was the highest increase in currency in circulation (CIC) in the last 10 years,” Bank Negara Malaysia (BNM) announced today. In 2019, the CIC was 7.3 per cent,...

Cash still rules in Pakistan - 04/02/2021

This month marks a year since the World Health Organisation declared the worldwide novel coronavirus a pandemic. A year since nations around the world started declaring lockdowns in a bid to control the contagion. While Covid-19 has been subdued ever so slightly, even now it continues to hammer the world at large and various states continue to make fiscal and monetary adjustments to support battered economies. Among the few positive lessons a year of pandemic has left us with is that cashless economies are very much possible and beneficial in times of emergencies like the one created by...

Norway Likes neither Cash or Bitcoin - 03/29/2021

Norway is ahead of the game when it comes to things like work-life balance and raising children. You can add to that commerce: Norway is the world’s most cashless country, according to its central bank, with just 4% of their payments made with cash and the majority made with contactless cards or digital wallets. But even with this forward-thinking behavior, the country’s central bank is not recommending bitcoin as an alternative to fiat, or government-backed currency, because it’s “far too resource-intensive, far too costly and most importantly, it doesn’t preserve stability,” Oystein...
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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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