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Lack of privacy, economic calamity: the threats of a digital dollar - 03/15/2021

As demand for cryptocurrency like bitcoin skyrockets, the Federal Reserve announced the idea of a digital dollar, which would be an electronic fund under control of the government and presented as a sort of competitor to other cryptocurrency. But a central online dollar would work nothing like bitcoin, and it could accelerate interest with other cryptocurrency due to inflation and privacy concerns. Such a system could mirror similar efforts in China, where convenience gets traded for civil liberties. Treasury Secretary Janet Yellen has warned the public against the use of cryptocurrency,...

Access to cash is getting more complicated - 02/18/2021

More than 10,000 free-to-use cash machines have disappeared across the UK in the last two years, with one in four Scottish ATMs now charging you to withdraw your own money. The pandemic has certainly forced us all to take our eye off the more mundane aspects of life, but we shouldn’t let it blind us completely. While we’ve been distracted, it’s been getting harder than ever to freely access our cash. Does it matter? After all, we can all bank online or by phone now. What with contactless payments and the good old chip and pin, many of us probably can’t remember the last time a £10 note...

The dark sides of cashless payments - 02/10/2021

The Covid-19 pandemic has accelerated the transition to cashless payments in most Southeast Asian countries to facilitate contactless transactions and further curb the spread of the virus. Nevertheless, it is also crucial for us to be cautious because the method also has some drawbacks without us knowing it. Indeed, cashless payment has become the most preferred payment method for both consumers and sellers in this pandemic era. However, the blind use of cashless payments can have numerous adverse effects on people’s well-being, especially poor consumer behaviour, which is defined as a...

Covid-19: Using cash is not dangerous - 10/30/2020

Many people have stopped using cold, hard — and dirty — cash in favor of debit, credit or contactless forms of payment. Transferred from one person to the next, money is susceptible to picking up a whole host of germs. And naturally, when COVID-19 hit, this left people questioning if cash was safe, while many businesses started encouraging cashless forms of payment. But do we really need to be concerned about getting COVID-19 from cash? Probably not. With months of research behind us, our knowledge of COVID-19 has changed, and so too has the way experts think about surfaces, like that...

Money laundering is now digital - 06/05/2020

Anti-money laundering service, SmartSearch details the new ways money laundering is taking place in the digital age. With the rapid advancements in mobile technology and internet accessibility, people can engage with financial institutions 24/7. In fact, 64% (YouGov) of Brits use their smartphone for online banking. This is altering Britain into a cashless society, with a rise in demand for real-time payments and transfers, which means the opportunity for cyberattacks and money laundering is ever more prevalent. Demonstrating how new-age technology is becoming more of a threat, in a...

Cashless transactions are a burden for small businesses - 05/29/2020

OPINION: Reductions in transaction fees paid to banks and credit card companies would help save brick and mortar Canadian businesses, which are facing many new expenses and significant lost revenue due to the pandemic. Over the course of the last few months, businesses in every sector have been navigating through the rough and uncharted waters of the COVID-19 pandemic. Particularly for small and medium-size enterprises, these rough waters have been more like a tsunami and, unfortunately, many will not make it to shore. For those businesses that do make it to dry land, there are going to...

Coronavirus: banknotes no worse than other objects - 04/27/2020

There has been a surprising emphasis placed on the role of banknotes in the spread of the coronavirus. As the pandemic only intensifies, it has become clear that there are a great many other objects and surfaces on which the virus can survive — and we cannot seem to stop touching them. Excessive focus on cash by certain governments and media is muddying the discussion over the most serious health crisis in living memory and creating cognitive blind spots in the population which could put people at risk. The UK government has moved from an official position of allowing everyone to become...

Cash won't disappear in the US - 02/27/2020

The United States continues to break away from cash transactions. The popularity of online shopping and the increase in alternative payment methods has pushed many consumers to eliminate cash from their lives. Would going cashless be good for America? What are the pros and cons of a cash-free society? Let's explore the future of cashless transactions in America and how likely that conversion would be. The Upside to Going Cashless Eliminating cash would speed up transaction times. No counting correct change or fumbling with wrinkled bills—everything would process digitally. Slow...

Cashless society is not a good solution - 02/10/2020

On its face, New York City’s new ordinance requiring restaurants and retail outlets to accept cash as an optional form of payment or face stiff fines seems ridiculous. We doubt many people who could afford a fancy restaurant, for instance, do not have a credit card. But the truth is New York and a few other cities with similar laws have touched on a problem the nation needs to confront as it moves quickly toward a cashless society — poor people are being left behind. Those cities may have confronted this in a clumsy way but, for the poor and the elderly, there is much more clumsiness in...

What would a cashless economy mean for the environment? - 01/29/2020

Human-influenced global warming is a hot topic. With protests and sit-ins sprouting up around the world, people are worried. Progress, now, would be a move towards more environmentally sustainable, ‘green’ practices in everything that we do. There is fairly solid consensus on this, at least among many Western governments, the European Union, the United Nations, and innumerable non-state actors. However, when it comes to the digital payments revolution which is making life so much quicker and easier, many people fall victim to a failure of intuition. The belief is that removing cash from the...
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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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