Sections
Opinion leaders
Sky News host Cory Bernardi says the move towards a cashless society through the digitsation of money is “the end of what little privacy” we have left. “Business and governments already use your spending data to assess you, imagine if they knew how you spent every single cent,” he said. Mr Bernardi said it could lead to a “social credit score” as is implemented in China which could penalise a person for shopping at the wrong locations. Read (and watch) more

China likes cashless surveillance - 03/13/2021

China is undertaking a huge experiment that could transform the future of money. Through ambitious pilot testing in major cities, the Chinese Communist Party is racing to develop centralized digital currency, also known as digital yuan. If expanded as planned, China would become the most powerful economy to offer a national digital currency, long before the digital euro proposed by the European Central Bank. With more than 750 million people in China purchasing online goods last year, analysts at Goldman Sachs estimate digital yuan could be used by 1 billion people in the next decade. Yet...

Why coin shortage is a big issue - 01/17/2021

Afew days ago, I went to the restaurant Lemonade and they had a sign saying “no cash.” The same thing happened to me in McDonalds and the more I look around, it seems like more businesses are going cashless. Is it all just a coincidence? According to the LA Times, coronavirus has led to more stores going cashless. Only 8% of retailers in March were cashless and in April this reached 31%. Based on the timeline, it’s pretty apparent that the main factor behind this is the pandemic. Since it has started, businesses have gone cashless to avoid handling the possible contagious change and cash....

Going Cashless in Australia: problems are growing - 12/19/2020

When the Currency (Restrictions on the Use of Cash) Bill 2019 was introduced to Parliament last year, it faced it's fair share of media headlines, backlash and criticism. To the relief of many, the law is now officially dead after failing to pass the senate. The proposed laws The laws proposed to create four federal offences relating to the use of cash, two of which apply regardless of whether an accused person was aware of any legal restrictions. Specifically, it would have made it a criminal offence to make cash payments over $10,000, punishable by a two-year jail term or a $25,000...

Cashless as a step to totalitarism? - 12/04/2020

The War on Cash is a favorite pet project of the economic central planners. They want to eliminate hand-to-hand currency so that governments can document, control, and tax everything. This is why they're lowering the threshold for mandatory reporting of cash transactions and, in some instances, simply making it illegal to pay cash. In the U.S., central planners ratchet up the War on Cash every time the government declares a made-up war on something else...a war on crime, a war on drugs, a war on poverty, a war on terror... They all end with more government intrusion into your financial...

Not ready for a cashless society - 11/20/2020

The University of Otago's Holger Regenbrecht looks at the privacy, economic and democratic implications of going cashless It might look paradoxical if an information scientist calls for keeping tangible, physical cash and not to go digital with a cashless society (yet). But I do! Shops and cafes at the University of Otago’s Dunedin campus are trialling cashless, electronic payments in an experiment until the end of the year. No cash is accepted for the “benefits for customers and the university”. While there is little doubt that electronic payments can be more convenient, hygienic, and...

A Digital World does not mean the End of Cash - 11/17/2020

Money, that’s what I want, goes the song. Many of us are saying yes to money, but no to cash, which is causing difficulties for some. On my tallboy is a small red metal telephone box with a slit in the top to take 10 and 20-cent coins. Each year about now I empty it and buy something for someone for Christmas. This year was disappointing – just $13.70 in the box. Last year there was about $37, the result of two years’ savings effort. Unless I have bought something for cash and been given change, I walk around coinless, although not cashless. There will be notes in my wallet, and a purse...

Digital economy can't be without cash - 10/20/2020

With the pandemic, businesses and governments around the world are stepping up efforts to discourage cash in favour of digital and contactless payments. There is a compelling case for moving towards an innovative, digital-first, cashless society, especially in Southeast Asia, to empower small businesses and citizens to access the global digital economy. But going completely cashless may lead to some unintended consequences. As the world continues its relentless march towards a cashless economy, e-commerce has capitalised on a coronavirus-led boom. PPRO’s transaction engine has seen online...

Say no to cashless stores - 09/05/2020

I went to a counter-serve restaurant recently, and when the time came to pay for my order, took out my wallet, presented a $20 bill, and was told, “Sorry, we don’t accept cash.” I was flabbergasted. What happened to “legal tender for all debts public and private,” as it says right there on the bill? This has now happened to me at three separate establishments in recent months. The rise of cashless establishments is happening amid continuing hype over the supposed dawn of a “cashless future” and agitation by some very powerful interests that would love to see cash disappear. The credit card...

Coronavirus won't kill cash - 08/13/2020

The 2020 coronavirus pandemic has brought a lot of sudden and sharp changes to the way we used to live our lives. Many of these changes, such as social distancing, will probably turn out to be mostly temporary, once the pandemic passes into history. But many other trends, such as more of us working from home and using the internet to do our shopping will probably be here to stay. One of the most profound trends we have seen is the move away from cash payments towards electronic, ‘cashless’ payment methods. According to reporting from the ABC, cash now makes up less than 25% of the total...
1 2 3 4 5








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.










Newsletter subscription