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A cashless society: central bankers warn of the risks involved - 08/14/2018

Europe’s central bankers are warning that a gradual phase-out of cash in many countries poses a serious threat to the financial system, as relying too heavily on digital payment systems exposes them to catastrophic failures in the event of cyberattacks. Regulators are also weighing in to say that IT failures, systemic hacking risks — and the fact that more vulnerable members of society would be alienated in a cashless world — all argue in favor of keeping a robust system in place — ie., cash. Read more

Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns - 07/10/2018

Dr Jacob George, president of the Consumers Association of Subang and Shah Alam, Selangor, said the comfort of swiping their credit cards could cause consumers to be extravagant and spend recklessly. He said that people with credit cards had the tendency to overspend. “Statistics show many Malaysians are burdened with debts. Credit cards have contributed much to this problem. Many spend like there is no tomorrow,” he said. “We cannot have a situation in the country where people use this cashless model as a convenient means of payment but continuously spend beyond their means. The sad part...

Sweden’s central bank governor calls for public control over its payment system - 06/04/2018

“In other countries there is much more awareness that you cannot trust the government all the time. In Sweden  it is hard to get people mobilised.” There are signs this might be changing. In February, the head of Sweden’s central bank warned that Sweden could soon face a situation where all payments were controlled by private sector banks. The Riksbank governor, Stefan Ingves, called for new legislation to secure public control over the payments system, arguing that being able to make and receive payments is a “collective good” like defence, the courts, or public statistics....

The former President of Interpol discusses the risks of going cashless - 06/04/2018

Already a digital economy pioneer, Sweden could become completely cashless by 2025. As other economies look set to follow suit, the FT's financial editor, Patrick Jenkins, asks whether the gains outweigh the risks. Bjorn Eriksson, former President of Interpol, says: "Criminality exists, with cash, definitely, but also without cash, if you are talking about false identities, possibilities to fool people with false cards, et cetera, et cetera. And then you have a development where these crimes are looked upon as transaction costs, because you can't seriously combat them. You can't have the...

CTO of Paypal says Cash still matters and will not go anywhere anytime soon - 05/30/2018

In fact, a PayPal study last year said the same thing. “…cash remains the preferred mode of payment across Asia, despite the fact that the region is becoming increasingly digitally connected as Internet penetration and smartphone ownership continues to rise,” Paypal study ‘Digital Payments: Thinking beyond Transactions’ had said. Read more
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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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