Should we embrace a cashless policy??

[wxa7115]

If we are taking about a fully cashless society meaning the government is getting rid of all paper notes and coins, I think that is problematic. However I do think this would push people in that situation to using bitcoin much more often. China is a perfect example of this and why it’s bad. They are slowly introducing the digital yuan which is going to allow them to be able to fully monitor all money situations their citizens get in to. Even if you do nothing wrong, it’s still goes against a basic right of a level of privacy.

Talking about cashless definitely has a positive side and a downside it's normal,
but if it is used to track and monitor their financial activities I don't think this can be allowed because after all it relates to everyone's right to privacy,
I don't know what the purpose of China is to do that to its citizens

And it is because of this I am against such a cashless society, governments will know everything you do as the temptation to monitor everything their citizens are doing with their money will be too high.

This also means that anything that it is legal but that could be shameful to you can be used against you at some point in the future, and governments could go a step further and forbid you to buy something with the excuse that it is for your own good, destroying our privacy and freedom of choice in the process.

[bustabitsboy]

I don't want anyone to control my money. Hackers can break into the system and steal data about any wallet and this is not good. I can forget the password, I can block the card and then I will be left without money? I don't like this option. I love having cash, they rustle nicely in the hand. With electronic money you will not hear this wonderful sound

[Doan9269]

A cashless policy is an economy that runs operates on zero cash. Not as if there will be no cash in circulation, but it will be done digitally and can be fully traceable.

When we are talking about cashless economy that has full control over personal finances without the interference of the government or a third party agent then we have to talk about bitcoin in cryptocurrency, this is where only this can be ascertained, of course any fiat cashless or digital transactions can be traced and user's can be apprehended since they are no difference to fiat note that can be affected through inflation and bad economic influence in depreciating its value.

[Mr.right85]

One of the reasons most nations of the world look towards cashless policy like it was some sort of Asylum is because of the cost in producing paper money and also, the cost it would take them to properly destroy the paper money when it is considered too old and no longer fit for circulation.
The government has left us to think that, these money would go right back into the economy but I am thinking right now that, the situation is going to remain unchanged. The issue most nations phase isn't because, the resources aren't enough nor do they generate very little to tackle for the chlenges of there country but, its basically corruption within the government.
If they could tackle the corruption within the government, the economy would surely grow.

[kudosinitchi]

If we really embrace cashless policy, there wil be an Economic Disparity. If the standard payment technique gets changed into the cashless system completely, the chances are that purchasing smartphones or devices for example will become necessary. In a country like India, where many citizens endeavor to provide for their daily food and necessities, purchasing a smartphone is most definitely a luxury these poor sections cannot afford. If cashless acquisition becomes the standard rule, then inequality can be seen in society because not everyone can afford it.

[mm2543363580]

If we really embrace cashless policy, there wil be an Economic Disparity. If the standard payment technique gets changed into the cashless system completely, the chances are that purchasing smartphones or devices for example will become necessary. In a country like India, where many citizens endeavor to provide for their daily food and necessities, purchasing a smartphone is most definitely a luxury these poor sections cannot afford. If cashless acquisition becomes the standard rule, then inequality can be seen in society because not everyone can afford it.

Maybe in a coming day and in near future we will adapt that in our region.
But yes - the point you have mentioned that that for the poor people it is difficult to buy a smart phone. That is the issue. And on the other hand illiteracy is also a serious issue.

[FanEagle]

If we really embrace cashless policy, there wil be an Economic Disparity. If the standard payment technique gets changed into the cashless system completely, the chances are that purchasing smartphones or devices for example will become necessary. In a country like India, where many citizens endeavor to provide for their daily food and necessities, purchasing a smartphone is most definitely a luxury these poor sections cannot afford. If cashless acquisition becomes the standard rule, then inequality can be seen in society because not everyone can afford it.

Maybe in a coming day and in near future we will adapt that in our region.
But yes - the point you have mentioned that that for the poor people it is difficult to buy a smart phone. That is the issue. And on the other hand illiteracy is also a serious issue.

I am not entirely sure about this, it's the homeless and the poverty that may have this issue, like I mean the guys that look in the garbage to find something to eat, and it should be the responsibility of the government and the states to find those people and give them a place to stay and live without worrying about anything, it's inhumane to let them be like that.

Outside of that, even the poorest person who lives, or has a job, or even unemployed but at least has a shelter, it is harder for them to not have a smartphone, you would literally miss out on things that you can make money from. Who would hire someone without a smartphone? That would be quite difficult.

[livingfree]

In Venezuela, most transactions there are cashless. We know what their fiat's status is and it's not really good to bring all of those millions of cash just to buy a cup of coffee and in that case, it's best to transact digitally.

But the twist is that most of the stores and even the customers have their transactions running through an offshore bank account likely an US account.

So the transaction goes directly there and from the owner to the store between the customer's bank transfer from each of them. They do it with an app that's helping them save from bringing tons of cash.

[South Park]

If we really embrace cashless policy, there wil be an Economic Disparity. If the standard payment technique gets changed into the cashless system completely, the chances are that purchasing smartphones or devices for example will become necessary. In a country like India, where many citizens endeavor to provide for their daily food and necessities, purchasing a smartphone is most definitely a luxury these poor sections cannot afford. If cashless acquisition becomes the standard rule, then inequality can be seen in society because not everyone can afford it.

Maybe in a coming day and in near future we will adapt that in our region.
But yes - the point you have mentioned that that for the poor people it is difficult to buy a smart phone. That is the issue. And on the other hand illiteracy is also a serious issue.

The poverty level around the world is going to limit the rate at which the governments can force us to go cashless, however it would not surprise me if in the future governments enacted a policy which disallowed us to convert our digital money that we have in bank accounts to cash, that way they can get the best possible scenario in which those that earn a lot of money cannot convert that money to cash, so you are trapped in using their useless fiat whether you like it or not.

[kudosinitchi]

If we really embrace cashless policy, there wil be an Economic Disparity. If the standard payment technique gets changed into the cashless system completely, the chances are that purchasing smartphones or devices for example will become necessary. In a country like India, where many citizens endeavor to provide for their daily food and necessities, purchasing a smartphone is most definitely a luxury these poor sections cannot afford. If cashless acquisition becomes the standard rule, then inequality can be seen in society because not everyone can afford it.

Maybe in a coming day and in near future we will adapt that in our region.
But yes - the point you have mentioned that that for the poor people it is difficult to buy a smart phone. That is the issue. And on the other hand illiteracy is also a serious issue.

The poverty level around the world is going to limit the rate at which the governments can force us to go cashless, however it would not surprise me if in the future governments enacted a policy which disallowed us to convert our digital money that we have in bank accounts to cash, that way they can get the best possible scenario in which those that earn a lot of money cannot convert that money to cash, so you are trapped in using their useless fiat whether you like it or not.

I see your point. If the time comes when cashless policy truly embraced and the government enacted to hold or disabled convertion of our digital money to cash, surely it's a chaos! They will use this policy against us to follow them whether we like it or not.

[uneng]

If we really embrace cashless policy, there wil be an Economic Disparity. If the standard payment technique gets changed into the cashless system completely, the chances are that purchasing smartphones or devices for example will become necessary. In a country like India, where many citizens endeavor to provide for their daily food and necessities, purchasing a smartphone is most definitely a luxury these poor sections cannot afford. If cashless acquisition becomes the standard rule, then inequality can be seen in society because not everyone can afford it.

Maybe in a coming day and in near future we will adapt that in our region.
But yes - the point you have mentioned that that for the poor people it is difficult to buy a smart phone. That is the issue. And on the other hand illiteracy is also a serious issue.

I am not entirely sure about this, it's the homeless and the poverty that may have this issue, like I mean the guys that look in the garbage to find something to eat, and it should be the responsibility of the government and the states to find those people and give them a place to stay and live without worrying about anything, it's inhumane to let them be like that.

Outside of that, even the poorest person who lives, or has a job, or even unemployed but at least has a shelter, it is harder for them to not have a smartphone, you would literally miss out on things that you can make money from. Who would hire someone without a smartphone? That would be quite difficult.

Depending where you live it's hard to imagine someone could live without a smartphone and internet connection nowadays, but it's still the reality of some regions in the world. I know people who are active negotiators and deal with goods and paper money all day long, but have no idea of how to use a smartphone or any device of this kind, sometimes because they have low financial standards, and on another cases it's a cultural matter, especially among elders. Definitely, these people couldn't be integrated to a cashless society, so governments aren't going to apply this measure soon. Maybe for the future generations it will possible.

[mm2543363580]

Depending where you live it's hard to imagine someone could live without a smartphone and internet connection nowadays, but it's still the reality of some regions in the world. I know people who are active negotiators and deal with goods and paper money all day long, but have no idea of how to use a smartphone or any device of this kind, sometimes because they have low financial standards, and on another cases it's a cultural matter, especially among elders. Definitely, these people couldn't be integrated to a cashless society, so governments aren't going to apply this measure soon. Maybe for the future generations it will possible.

But for the world to go cashless. This is hardest thing. I am not sure how it would happen, but here in our region most of the people don't have smartphones.
The internet connection and the literacy are the main problem.

[Vaculin]

Depends since not all the country is technology ready, there are country still struggle to have decent internet speed also there are others doesn't know much more about this technology so I guess this is only applicable on the country which is advance in new innovative things.

But for 1st world countries they can try to implement this and if they succeed with this which is already happening in some parts of china then provably in upcoming years 3rd world countries could follow this.

I think this cashless policy has already been practiced in most countries as we have seen that we are now more dependent on our credit and debit cards for payment, and we even have local exchanges that we can pay directly from it. So it may only take few years from now before we can finally say that cashless policy in all parts of the world is already good to practice. Although physical fiat is still mostly preferred by most of the individuals, but practicing cashless transactions is also seen more fast and more convenient.

[Sir Legend]

All things we have to do to increase the number of cryptocurrencies users, if the number of users is increasing and dominant then the government will follow the rules that already apply in cryptocurrencies, so our main focus right now is to continue to invite friends or family to use cryptocurrencies.

[kudosinitchi]

I am not against cashless policy should be the government enacted it, infact it is very advantageous nowadays where millennials already aware of digital currencies. But there are several points that the government should address first if this policy should be enacted in the coming years like illiteracy, poverty, jobless etc., these are the major factors where some countries commonly have. I guess we still need paper money for now then educate people for awareness and slowly adopt digital or cashless transaction where most of us already practiced.

[mm2543363580]

I am not against cashless policy should be the government enacted it, infact it is very advantageous nowadays where millennials already aware of digital currencies. But there are several points that the government should address first if this policy should be enacted in the coming years like illiteracy, poverty, jobless etc., these are the major factors where some countries commonly have. I guess we still need paper money for now then educate people for awareness and slowly adopt digital or cashless transaction where most of us already practiced.

Good if it happens - But there are so many issues - particularly in the 3rd world countries.
Where people are still deprived of smartphone and 3G internet connection and most important of all is literacy.

[tabas]

All things we have to do to increase the number of cryptocurrencies users, if the number of users is increasing and dominant then the government will follow the rules that already apply in cryptocurrencies, so our main focus right now is to continue to invite friends or family to use cryptocurrencies.

There's no problem in increasing the number of crypto users/investors or what do you prefer to call us. The problem with what you're thinking is about investors that don't have idea what they're getting up to. That's how many folks have been devastated due to their poor investing decision making. It's not about only crypto if we talk about cashless but there goes the government transactions that can be done through third party that they allow to operate.

[Kimonoe]

All things we have to do to increase the number of cryptocurrencies users, if the number of users is increasing and dominant then the government will follow the rules that already apply in cryptocurrencies, so our main focus right now is to continue to invite friends or family to use cryptocurrencies.

There's no problem in increasing the number of crypto users/investors or what do you prefer to call us. The problem with what you're thinking is about investors that don't have idea what they're getting up to. That's how many folks have been devastated due to their poor investing decision making. It's not about only crypto if we talk about cashless but there goes the government transactions that can be done through third party that they allow to operate.

cashless which refers to cryptocurrencies is still long to be realized, until now there has been no developed country that can provide examples of the use of cryptocurrencies, many interbank transactions currently occur without cash, and that does not mean having to use cryptocurrencies. I hope that crypto can be accepted by the government because of its basic advantages, so that it provides a real function that is currently only an investment tool

[Bitstar_coin]

The problem with going cashless is that not many people will be able to embrace it. in the advanced countries this may not be such a big deal as nearly everyone is already familiar with all sort of technology and buying online in a cashless manner. in the developing countries with high number of uneducated people, this can be a very big issue, it will require teaching almost everyone on how to operate an internet enabled device and own one as well.
Going completely cashless will pose a lot of challenges to many people which i doubt the governments are ready to subject its citizens to. So this is not advisable best thing for now is operate in both ways 

[laredo7mm]

The problem with going cashless is that not many people will be able to embrace it. in the advanced countries this may not be such a big deal as nearly everyone is already familiar with all sort of technology and buying online in a cashless manner. in the developing countries with high number of uneducated people, this can be a very big issue, it will require teaching almost everyone on how to operate an internet enabled device and own one as well.
Going completely cashless will pose a lot of challenges to many people which i doubt the governments are ready to subject its citizens to. So this is not advisable best thing for now is operate in both ways 

The first impression I got after reading OP is this. EU and USA are not the whole worlds. There is a vast area of land in Asia, and Africa where people don't have an internet connection and are out of the digital landscape we live on. Paper cash is still the only way of the economy there so if mass adoption of cashless policy has to be taken then there should be some measures taken for those people.

On the other hand in many urban areas internet connections is not that strong and secure. A cashless economy means no paper cash. So any disruption in internet connection would cause major damage to the economy.