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Efforts to introduce a cashless society here won’t eliminate crimes, such as money laundering, embezzlement and corruption. Criminals will continue to find ways to carry out their activities, regardless of the method of transaction. There is also the fear that society will be exposed to new kinds of criminal activities involving online financial transactions if we rush into this plan to turn our society into a cashless one. With the advent of technology such as the smartphone, our daily activities have changed tremendously. We rely on our smartphones to perform our jobs, including conducting...

John Howland Cochrane, economist and professor at Berkeley: "The ability to transact with anonymity and privacy has been a central freedom for hundreds of years." - 01/15/2019

Economist John Howland Cochrane addressed the question of new cryptocurrencies, cashless societies and the future of tax evasion. At the heart of his concerns, lies the question of privacy. Governments, to contain tax evasion, are favorable to the war on cash, and considering using a blockchain-currency of their own. To be fair, it was initially the banking sector’s idea, but governments had similar and compatible interests in acquiring more economic visibility - something cash does not provide. Whichever the medium used, the idea is to make all payments appear on radars of banks and the...

Reserve Bank of Australia governor Dr Philip Lowe: "As we rely less on cash, outages affecting retail transactions can have a significant impact on businesses and individuals." - 11/30/2018

Reserve Bank of Australia governor Philip Lowe said it won't be long before banknotes are used for "relatively few payments" and cash becomes a "niche payment instrument". A cashless society is not without its pitfalls and some countries have moved too quickly to get rid of cash. Sweden has plans to phase out cash completely by 2025 but financial authorities who once embraced the trend are now asking banks to keep peddling notes and cash until the government can completely comprehend the ramifications. Dr Lowe said cash would likely always still hold a place in the national payments...

The cashless dystopia : "With implantable chips, we are becoming hackable and trackable devices." - 11/30/2018

The term “cashless society” is now in vogue. Every year, fintech companies present new solutions, and developers already offer to use chips instead of bank cards. Does this mean that we already have a cashless society under our skin in the most literal sense? Modern technologies are not capable of providing a sufficient level of encryption for full-scale use of implantable microchips as bank cards. However, insertable technology expert Kayla Heffernan is convinced that this is just a matter of time. He says (3) : “Payments are the killer application. As soon as you can pay with it, more and...

Malcolm McDowell, Director on the Board of the International Currency Association : "The most powerful form of reinforcing a ‘save first, buy later’ mentality is to use cash." - 11/20/2018

Malcolm McDowell, a Director on the Board of the International Currency Association : "The Australian Securities Investment Commission (ASIC) is the Australian Government department responsible for ensuring companies remain compliant with Australian financial laws, and as part of its commitment to a more financially sound society have produced a website called MoneySmart. What is apparent to me when looking through this site is how important it is for people to set up their lives to save money, particularly from a young age.  There are some simple but effective case studies...

"For decades, anti-cash campaigns led by dominant card brands, have been waged with the objective of discrediting cash" according to the ATM Industry Association - 11/16/2018

“For decades, anti-cash campaigns, largely led by dominant card brands, have been waged in the mass media with the objective of discrediting cash,” ATMIA said. A prime example, according to the trade association, is Visa’s “Cashless Challenge” announced this month. The card network plans to offer up to $500,000 to 50 U.S. small restaurants, cafes or food truck owners that commit to going 100% cashless. “With 70% of the world, or more than 5 billion people, connected via mobile device by 2020, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of...

Andy Hoffman, analyst : "In India, the "cashless society" decree changed the life of the masses for the worse." - 11/12/2018

The history of paper fiat currency destruction goes back at least 1,000 years, to when it was invented by the Chinese. In the modern day, we have seen the destruction of dozens of others—in Zimbabwe, Venezuela, Turkey, Argentina, Iran. and more. But there is a far more sinister destruction now happening in what was already one of the world’s most poverty-stricken nations, India. It began with a central bank, disguising itself as “Western” and “modern,” that kept on printing money more like a developing country central bank. Read more

"If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods." says Swedish economist Cecilia Skingsley - 11/12/2018

The renowned Swedish economist and journalist Cecilia Skingsley authored “If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods. It would be a historical change without precedence.” Manifestly, the cash transactions are not accepted among Swedish retailers at all. Advanced and cashless technologies have been emerging, instant adoption by payment platforms and even cryptocurrencies are clear evidences. While trade settlements are also equipped by the central bank’s real-time gross settlement system. Skingsley...

Bitcoin causes global warming according to researchers at the University of Hawaii - 11/01/2018

As Bitcoin implementation heats up, will the global climate do the same? Researchers at the University of Hawaii want to know. According to a university study published in Nature Magazine on October 29th, Bitcoin mining and trading emissions will increase the global temperature by 2° C by 2040.  The world is embracing the efficiency and ease of cashless transactions, as the blockchain continues to grow. But the advanced tech may come at a high price. Researcher Camilo Mora and his colleagues argue that even though Bitcoin is responsible for less than 1% of cashless transactions, it...

The Bank of Canada warns against an increased dependence on retail payment networks. - 10/23/2018

The Bank of Canada warns that an increased dependence on retail payment networks might raise concerns about their maintenance and operational reliability. For example, in June more than five million transactions across Europe failed during an unprecedented 10 hour outage at Visa.  To guard against this, the BoC offers three possible policy responses: regulate the critical payment networks to support reliability and mitigate anti-competitive outcomes; retain the obligation to make cash available; and issue a central bank digital currency to compete with the private payment networks....
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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









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Top Ten Things To Know

The debate

Education: how will we teach the value of money without cash?

Cashless society Vs terrorism: Are States fighting last year’s war again?

Inclusion: a cashless economy fights the poorest, not poverty

A cashless economy to root out theft and petty crime?

A cashless economy as a bulwark against fraud and tax evasion?

Does a cashless economy really boost economic growth for all?

Governments and sovereignty concerns in a cashless society

Why commercial banks are lobbying in favor of a cashless economy

Ecology: the carbon footprint of payment means in a cashless economy

The convenience of payments means in a cashless economy