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

There is a lot of pressure on people from the government, banks and various service-providers to go cashless. In a cashless world, the government prints fewer currency notes and saves on the cost of printing and high security distribution logistics. A switch to a cashless society and online transactions is set to cause a paradigm change in the social, cultural and economic environment of India, entirely driven by technology and the growing computing power. However, the flip side of this much touted cashless society and economic transformation is not so well known. Newton’s third law of motion says: “For every action there is an equal and opposite reaction.” The same is true of the cashless drive.

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The War Against Cash - 06/10/2021

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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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The debate

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