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Author Topic: Cashless Economy: Is Society ready for transformation?  (Read 16402 times)
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April 13, 2019, 03:46:04 PM
 #201

I don't think all countries are prepared for cashless, some of old population on some countries still get pension money on hand, and they buy food with cash on villages they live, will be hard to give them card and get money there without any option to cashout money from card or option to buy food with card.
This is more common in developed countries, and even in northern european countries it has been started for a long time, and it would completely eliminate paper money for several years.

Only countries that are far more advance and the state of their economy is somewhat stable would be the main candidate for experimenting cashless society.

But as far as developing nation, it's still hard for them to implement this, as they are still relying on the old and traditional way of barter or trading.
I think even for developed countries and there is an outstanding progress in the economy, living in a country without using cash, it is also really a problem for people in those countries because we can easily see, technology can be upgraded every day but transactions and some places still prefer cash, cash is the most convenient and popular. Typically as purchase some candy or buy harmburger, I don't think people like to use high technology for such small problems, cash still shows its usefulness, and people are still not ready to give up

Sad but true. Still many love or depend from using cash, even if cashless comes to be in full speed, still there are set of rules that must be made by government to insure that go smoothly. Small shops cannot accept plastic as payment, also some countries have rules about for what it can be used. Seen little strange situation they didnt give some person to buy cigarettes for credit/debit card payment only cash, they say this is house policy. Still some rules must be set for everything.
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June 15, 2019, 11:01:34 PM
 #202

Reading the OP's statement contradicts the current status of bitcoin in India. If they want to have a cashless society, then integration of cryptocurrencies is one of the steps that they can look at. However, they are drafting laws to ban the usage of bitcoin in their country. So are they really ready for cashless society or are they not willing to accept the fact that cryptocurrencies are on the rise and they just have to regulate the usage but not to the point of banning it?

 
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June 15, 2019, 11:48:12 PM
Last edit: June 16, 2019, 12:38:51 AM by 7788bitcoin
 #203

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!!
In order to transform India to a cashless society in a short period of time the government needs to show some kind of magic that could turn the multi millions of poor people into a society that could empower themselves, there is nothing wrong in having goals but you need to understand the situation of a country too while putting up goals, let the government built facilities to empower the lower facet of the society and then come up with goals, one thing i understand is that keeping everyone digitally tracked is easier than the trail left by paper currency and to have a better control over their citizens they might have come up with digital India rather than sorting their core issues   Tongue.

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June 16, 2019, 07:57:03 AM
 #204

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!!
This is simply absurd. India, where a significant part of the population lives on the verge of poverty, the transition to non-cash payments will simply slow down its economic development. A significant proportion of people will not have access to these relatively high technologies for them and will be forced to switch to barter deals. This will have a bad effect on the country's economy, so such experiments will be harmful for India.

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June 16, 2019, 09:19:53 AM
 #205

No definitely not.

There are approximately 70% people living in poverty and the definition of poverty is exceptionally not well enough for the people to be considered rich who are even up the poverty line.
You are not rich if you earn 1 dollar a day , trust me.
Due to Price inflation it is ridiculous how someone will go and get a bank account if they are not even sleeping with their tummies full
No we are not ready.

We need
 
Better education for everyone not just for the people who can afford

This way they will have a chance to actually make a living and get engaged with the cashless society.



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June 16, 2019, 12:56:46 PM
 #206

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!!
Well i believe every inovation will takes time and we human will adjusted to the changes, so i do think eventhough we are not ready right now we are going to be okay when it comes. I do believe we are heading to cashless economy but still so many people not see as how we see it. If we talk about india i do think so many people are not ready and also they lack the goverment support in cryptocurrency. So i do think it will be hard to make india to use cryptocurrency for transactions cause there is no support and i do think it means lack of education for their citizens.

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June 16, 2019, 01:05:49 PM
 #207

Back in 2015 I read in an article that Ecuador declared themselves as cashless currency economy. although I see the positive effect of going cashless there are also downside to this
and countries should consider it's citizens if they ever planned to go through this transformations. also in our current technology I doubt every society is ready for a cashless economy.

 
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July 04, 2019, 07:54:05 AM
 #208

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!!

"Toiletless", "Paperless", "Flushless" would be far better.
When you have more people drowning each year than people using cryptos you, as a government, should really start to learn what to prioritize.

No offense to the people from India but this is a normal reaction when you hear that countries that are unable to solve basic health and education problems are spending money trying to accelerate things that should come normally if the market is ready and if not would be just a budget hole eating funds after funds.

One of those programs (that should have started in 2016) says something about close to 900 million $ spent on "service centers"...probably money well spent.

Exactly, how can they make cashless economy successful when most people in India aren't that educated. They can't even solve poverty in the country and now they are trying to pursue a cashless economy which I think will only be a failure. Having a cashless economy needs internet connection and all people are required to have a bank account and I don't think all people in India have bank accounts and I read in an article that internet in rural areas are very slow so I guess it's just a waste of time pushing something that isn't for everybody.

 
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August 11, 2019, 06:53:26 AM
 #209

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!!
Only in large cities can you try to switch to the use of electronic and digital money. However, it seems to me that cash is still irreplaceable in some cases. In my opinion, people will always use paper money in their calculations. This is a very simple and quick type of financial means of payment, which is not tied to any technical devices that almost always cause certain difficulties.
As for India, here we can definitely say that it is still too early for this state to think about moving to a cashless society.

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August 11, 2019, 06:56:00 AM
 #210

A cashless society is a dangerous idea since it will give banks way too much power.
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August 11, 2019, 05:53:13 PM
 #211

Back in 2015 I read in an article that Ecuador declared themselves as cashless currency economy. although I see the positive effect of going cashless there are also downside to this
and countries should consider it's citizens if they ever planned to go through this transformations. also in our current technology I doubt every society is ready for a cashless economy.

You are right about one thing, many countries are not ready for this transformation, they simply don`t have technology to do that, but do you really think about this as some problem for advanced countries? It`s a race, and like in every race there is no time for looking back, you just run as fast as you for that first place.
Cashless economy is the future, one day all countries will be cashless, question is when and what kind of economy we will have in that future, blockchain based economy or banking system will continue to rule the world like they do all this time?

 
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August 11, 2019, 07:14:32 PM
 #212

Even if the world would be ready for cashless society, we are definitely not ready for decentralized cashless society. Many still don't realize that once you lose the key it's impossible to retrieve your money. That's a lot easier with banks.
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August 11, 2019, 08:15:33 PM
 #213

I think the current society is still heavily dependent on cash, which is a must and necessary thing for everyone. We can see that payment services via bank account and ATM card are very developed. However, cash still plays a small part in current payment methods. Therefore, the application of digital money into payment when it is not really popular is impossible. India is not too developed and modern as other countries in the world. So I think they need a long time to improve that

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August 11, 2019, 09:05:16 PM
 #214

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!!

cashless and digital is one of the easiest way to track everybody and have the control about the people. i don't like in which way the govs going.. just imagine the next crash on banks and you can do nothing when the gov decides to freeze accounts...
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August 14, 2019, 09:56:57 PM
 #215

Yes we are ready!!


But it will not going the way we use to think! 

The New Era is the Stablecoins what people Don't undestood is that the goal is not to end debt based fiat currency!! 


The goal is to end just the paper Money. 



Debt currency will existing for long and it will not going to nowhere!
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August 15, 2019, 08:35:18 AM
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 #216

Evidently that we are going in that direction. From some point paper money need to be used and most countries still use gold as backup for credits that they take from global monetary funds. We have crypto that most countries dont like (cuz they cannot control it), that can be used as replacement. Then we have some countries that are slowly reduce usage of cash and try for years to create this cashless society in some point. Read also few years ago that even some countries tried to adopt thereown crypto but project never seen light of the day. 

From all of this and probably many thing more that are using or considering using as cashless payment, on this I wont count payment card cuz its backed up with paper money. What remain is that in some point we will maybe see usage of something that will replace money, paper money. My first tough on this was something like in star trek series they were using credits and latinum bard.

Believe this is something that need to happen but like everything exact date is something to speculate.
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August 15, 2019, 03:43:51 PM
 #217

This is quite difficult to happen. because it loses many important mechanisms such as central banks (always controlling the supply and demand of money every day) and fiat money is transparent.
for example, a country used with an electronic currency, it will be easily manipulated by many other countries.
If the currency of a country is defaulted to be stable, then printing money will occur regularly => money is completely lost.

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