ECB defends cash over digital payment

The European Central Bank defended the continued use of cash, despite society’s shift toward digital payment.

While the use of cash is declining, the ECB said it could play an important role in the event of a disturbance in payment systems. Cash payments also remain important for groups in society who prefer hard currency or are unable to use digital technology.

“Such groups include the elderly, immigrants, the disabled, socially vulnerable citizens and others with limited access to digital services,” it said.

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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.

The cashless society from an ethical point of view