Cashless Economy: Is Society ready for transformation?

[agentx44]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

It would surely make a great improvement for India. We all know India is a very powerful and advanced country in terms of technology. Having crypto interfere with their monetary system would not be a hard thing to adjust for them. If ever, they would be the very first country that uses crypto or existed as a cashless society. Their economy might grow up to the roof or may fall down if ever things won't work well. We cannot really conclude anything yet but it would be a great help for the crypto community all over the world if India ends up being successful.

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[Colt81]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

It would surely make a great improvement for India. We all know India is a very powerful and advanced country in terms of technology. Having crypto interfere with their monetary system would not be a hard thing to adjust for them. If ever, they would be the very first country that uses crypto or existed as a cashless society. Their economy might grow up to the roof or may fall down if ever things won't work well. We cannot really conclude anything yet but it would be a great help for the crypto community all over the world if India ends up being successful.

Indeed. I also think that it will be a great start to have such great improvement in making their country advanced in technology like Japan. There are still a lot of people in India who have not yet adopted cryptocurrency, so it will be a problem for them to be a cashless economy, but i think if a lot of people already adopted cryptocurrency in India they would not have any problem for being a cashless economy because even India is still a developing country they can still handle it, and it maybe the reason for them to make their economy grow.

[doomistake]

~snips~

India is not "very powerful" and "advanced" when it comes to technology, they are currently in the 44'th rank, not that bad but using the term "very" is not appropriate in my opinion, it may be, if India is Japan and China, because these countries are the real deal here. India's economy are growing fast indeed, you could tell it because they rise up their rankings in terms of technology from 48'th to 44'th, but still have a lot to go.

[Polo7]

Yes Yes 

Everybody is HAPPY to get chipped lol 😀

[Sanugarid]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Those were just political traps to rule the country. Digital transformation becomes more effective when the same happens from the people. What effort the government has taken for the same, nothing. If the government insist on making people educated providing the best and quality education through the governance and then making such digital transformation will be good to the country.

First we should make some other countries far ahead from the countries that is adopting this kind of culture in digital to follow because if we are continue to transform our whole economy, this countries might now follow and leave behind and they will never follow us adopting countries. We should balance first the countries to the rest of the world and then we might educate people on what we should something to transform. Communication is better idea for one country to another to have a good connection and helping each other to do something like this kind of transformation in economy and society.

[breathlessz]

It doesn't matter how good this sound might have bad influence. On this subject, we have countries far ahead of the rest of the world, but what can be downside of this project or attempt for others. That's what I mean. Those who live in the country where poor connectivity to the internet could stop payments, this is a major issue. Anyone can lose access to cash, it will be on such a large scale in this hacking that if you pay or not, no one will guarantee. So it's really important, probably yes in some cases, it's probably not safe, it's going to be good for everyone, most likely.

every technological development certainly has a bad impact, I think in the future we can fix it slowly. now cash is more needed, but later it could be that cash is no longer relevant for its time. therefore some countries are already aiming at digital currencies

[maxdin]

It doesn't matter how good this sound might have bad influence. On this subject, we have countries far ahead of the rest of the world, but what can be downside of this project or attempt for others. That's what I mean. Those who live in the country where poor connectivity to the internet could stop payments, this is a major issue. Anyone can lose access to cash, it will be on such a large scale in this hacking that if you pay or not, no one will guarantee. So it's really important, probably yes in some cases, it's probably not safe, it's going to be good for everyone, most likely.

every technological development certainly has a bad impact, I think in the future we can fix it slowly. now cash is more needed, but later it could be that cash is no longer relevant for its time. therefore some countries are already aiming at digital currencies

Moreover - every technological development was meet with a lot of scepticism at first and a lot more enjoyment later.
It will be fixed slowly, but surely.

It seems like whole european union feels positive about digital currencies and is going to build first big govs official coin/token. that'd be lovely to see

[Bezobraznike]

It doesn't matter how good this sound might have bad influence. On this subject, we have countries far ahead of the rest of the world, but what can be downside of this project or attempt for others. That's what I mean. Those who live in the country where poor connectivity to the internet could stop payments, this is a major issue. Anyone can lose access to cash, it will be on such a large scale in this hacking that if you pay or not, no one will guarantee. So it's really important, probably yes in some cases, it's probably not safe, it's going to be good for everyone, most likely.

every technological development certainly has a bad impact, I think in the future we can fix it slowly. now cash is more needed, but later it could be that cash is no longer relevant for its time. therefore some countries are already aiming at digital currencies

Moreover - every technological development was meet with a lot of scepticism at first and a lot more enjoyment later.
It will be fixed slowly, but surely.

It seems like whole european union feels positive about digital currencies and is going to build first big govs official coin/token. that'd be lovely to see

   We agree that society is heading to digital currencies, that is the future. Greatr has a point, some countries are far ahead. What
development countries do will spread to all other countries, like with everything else.
   Breathlessz it's true that people are skeptical about everything new, not just about technological development. Some people
are traditional, but they can do nothing about the rising tide, they can just slow it down, but they can stop it. It's like that
with crypto-currencies, some people are slowing down the progress, just that is the only thing they can do, nothing and no one can
stop the progress of crypto-currencies.

[criza]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Transformation of a specific society into a cashless environment is possible, but, it will be hard to implement such changes because, not all people are capable of drastic changes. But the chance for it to succeed increases in time, as the world become more and more familiar with crypto currency.

[Fatunad]

Yes Yes 

Everybody is HAPPY to get chipped lol 😀

What the hell the amount of people necro bumping this thread is ridiculous just because of this guy who bumped this thread first. I dont have anything to say about the topic i just can't hold my disappointment to see hero and sr members who tried to add up to the topic that was 10 months old. What a shame face palm.

[Gheka]

A country's financial transition definitely takes a long time, and people have to be constantly reminded of why bitcoin is good and why it can replace the fiat. I think there are still many people who need to understand this, because of their social and economic status, they have not been able to get into crypto space. It will be very difficult to eliminate the nonsence of fiat, but with something as strong as bitcoin everything is possible.

Perhaps you're in the position of a bitcoin lover and giving positive status lines about it while you have forgotten the psychology of the society, the mentality of the government in managing and giving direction to the community. The government doesn't like bitcoin and people's minds aren't always progressive, just a fraction of people like to work with bitcoin, so bitcoin cannot eliminate cash, and society doesn't want to eliminate it when the demand for cash is still high, people are using it everyday in their lives, a big change will bring many negative

[Arkann]

A country's financial transition definitely takes a long time, and people have to be constantly reminded of why bitcoin is good and why it can replace the fiat. I think there are still many people who need to understand this, because of their social and economic status, they have not been able to get into crypto space. It will be very difficult to eliminate the nonsence of fiat, but with something as strong as bitcoin everything is possible.

Perhaps you're in the position of a bitcoin lover and giving positive status lines about it while you have forgotten the psychology of the society, the mentality of the government in managing and giving direction to the community. The government doesn't like bitcoin and people's minds aren't always progressive, just a fraction of people like to work with bitcoin, so bitcoin cannot eliminate cash, and society doesn't want to eliminate it when the demand for cash is still high, people are using it everyday in their lives, a big change will bring many negative

In no case can cryptocurrency destroy paper money, even if cryptocurrency is legalized in many countries, because paper money is very easy for society to use.  Such a situation can only happen if the company itself refuses to use paper money in favor of cryptocurrency.  But if we talk about the real use of cryptocurrency all over the world, then the time will come when the question will be raised about the destruction of the monopoly of fiat funds, because each person must make his own choice how he can pay his bills.

[senne]

Society is far from the cashless transformation. People around the world are not digitally literate enough to pave the way for the transformation. Cards were the first step to make people go cashless, then digital wallet came into existence and then the cryptocurrencies. Though cryptocurrency isn't a big factor when it comes to cashless economy but can become one of banks and countries focus on it. It's more secure and transparent than any other payment mechanism.

[bitbunnny]

That depends from country to country, there is no general answer and attitude.
More developed countries that are more digitized and with better digital skills of their citizens are on bigger level of readiness for cashless society and for overall technological and digital transformation. But don't forget that are still many people on this world that still don't have electricity and Internet and new technologies are science fiction for them.

[Peashooter]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Until now, seeing this issue being localized to our country seems so impossible there was so much things to put first than to prioritize this issue, and for me the intention is good though a centralized bank will cause cyber hacking and multiple times of cyber-robbery which I think would cost so much problem not just for the government but also for us, amd still my biggest vote will be for fiat or physical monetary exchange, for me it was really satisfying if we can touch the product of our labour more than just seeing it on a computer screen.

[btccashacc]

For now, people is not ready yet, there are so many things have to be fixed before going cashless. internet speed still needs to be improved, imagine when all things are ready for going cashless but the internet is slow or down. Some developed countries still depend on cash, China itself has a percentage of cashles transactions most in the world is still experiencing some issues, while 3rd countries need a long time to implement it.  I believe the countries that will succeed in implementing cashless is China with their Alipay and Wechatpay.

[DevilSlayer]

I don't think we'll ever turn to non-cash payment forms. Nonetheless, not in the foreseeable future. The percentage of using non-cash payment forms will increase, but there will be no disappearance of state cash. They will always be in demand, because in reality they are very easy, and are not dependent on any hardware, there can be no technological glitches, we are not dependent on anything, there is no control of the transaction. Sometimes cash is really useful

I do not think that the cashless economy will happen easily, there are many obstacles that still the bitcoin and the cryptocurrency should surpass. People are still not ready to accept bitcoin as payment due to their lack of knowledge. If they will choose between fiat and cryptocurrency they will still choose fiat because they got used to it.

[mamahdedeh]

I don't think we'll ever turn to non-cash payment forms. Nonetheless, not in the foreseeable future. The percentage of using non-cash payment forms will increase, but there will be no disappearance of state cash. They will always be in demand, because in reality they are very easy, and are not dependent on any hardware, there can be no technological glitches, we are not dependent on anything, there is no control of the transaction. Sometimes cash is really useful

I do not think that the cashless economy will happen easily, there are many obstacles that still the bitcoin and the cryptocurrency should surpass. People are still not ready to accept bitcoin as payment due to their lack of knowledge. If they will choose between fiat and cryptocurrency they will still choose fiat because they got used to it.

I think the main key to the government, if the government has not legalized it, the people can not do much. whereas the government itself does not like the decentralized system because they cannot control it

[@prashant]

Absolutely not, during demonetisation usage of ewallet increased but it has drastically decreased now. Major ewallet such as paytm are providing various offer and services to users but we still have cash dominant society . Reasons behind this is our black economy so we are still not prepared for it. I think govt should or a separate private should start a campaign to attract consumer to digital space then only we can step forward to cashless transformation.

[bobitza]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

I think not only India but also many countries that use cashless economy like Ukraine or China. Even China has created its own digital currency. India's use of a cashless economy, accepting payments in Bitcoin is praiseworthy. It marks the advancement of modern technology. Moreover, India is a small country but it thrives in digital currencies.