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The poorest will suffer the most if the idea of a cashless society goes wrong





On November 8, 2016, the Indian Prime Minister announced that the country’s two highest denomination banknotes would no longer be legal tender. The 500 and 1000 rupee notes accounted for 86 per cent of currency supply in a country where roughly 90 per cent of transactions are done in cash. In the aftermath of Modi’s overnight demonetisation, sociologists documented how it was poor people who were disproportionately affected. Replacement notes turned out to be in short supply and poor people found it hardest to get to banks and trade in old for new.

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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