Fighting Cashless Economy: What are the options of the US Federal Lawmakers?

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 businesses to use cash may not be the right solution because that could hurt companies, especially new ones.

One expert said using cash comes with increased risks like needing more security in and around businesses.

On the other hand, there’s a concern that moving toward a cashless economy could worsen disparities,

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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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