Should we embrace a cashless policy??

[tbterryboy]

I'd thought about it as well that will it be that convenient for everyone to go cashless same time since the development is not everywhere, the only countries to benefit that most are the developed ones, but we can't overlooked their relevances both in the role they play for the payment of goods and services in the world economical system, come to think of it this wat that bulkiness in cash is no more necessary in making payments while there are instances whereby cash is more needed because of the conditions surrounding it, the two need to be in use and i think bitcoin itself have solve alots of potential potholes in fiat cashless policy and regulations around it, no limitations in bitcoin transactions unlike in fiat.

He just said it that not all are able to adopt it due to some reasons like lack of knowledge or budget to have a device that supports the technology but obviously it is convenient for those who always seeks for it since they don't have any of those problems that I mentioned earlier except maybe if the person that they are trying to send cashless payments are from those unsupported areas, you know there are areas where no signal, electricity, internet but I believe that they won't be like that forever as I already saw some far areas which are improving.

Soon almost all people are now going to enjoy the benefits of these new technologies that we are seeing today.

[Webetcoins]

Cashless policy promotion has really been long promoted by the government and other businesses and establishments. It's encouraged to transition in cashless policy because of its convenience and ease of using. The accessibility of digital banking and wallets make it easier for people to make transactions in a snap.

Slowly, it is evident that we are adapting to the dynamic changes which is for the better. Because we also have to keep in par with other countries that offer such. However, the elders and the less privileged ones should be taken into consideration. We can't just hastily transition in cashless payment. Instead we can transition little by little and also retain the traditional payment method for those who aren't able to use and keep pace with digital method of transacting.

Honestly in my nation we are talking about 80+ year old people getting their pension money to their bank accounts and they are capable of withdrawing that with their cards if they want to. Maybe they would have a trouble paying their bills via their app, but they could definitely go to any place and pay with their card.

Nowadays we have cards that you do not even have to use pin for, just touches the machine and it pays automatically, so it's really easy for them. I have to say that the best thing to do right now would be not doing something for the elderly, we will be 80+ year old eventually as well, will we not be able to? We can, so do not lose hope for the current elderly neither.

[carlfebz2]

Cashless policy promotion has really been long promoted by the government and other businesses and establishments. It's encouraged to transition in cashless policy because of its convenience and ease of using. The accessibility of digital banking and wallets make it easier for people to make transactions in a snap.

Slowly, it is evident that we are adapting to the dynamic changes which is for the better. Because we also have to keep in par with other countries that offer such. However, the elders and the less privileged ones should be taken into consideration. We can't just hastily transition in cashless payment. Instead we can transition little by little and also retain the traditional payment method for those who aren't able to use and keep pace with digital method of transacting.

Honestly in my nation we are talking about 80+ year old people getting their pension money to their bank accounts and they are capable of withdrawing that with their cards if they want to. Maybe they would have a trouble paying their bills via their app, but they could definitely go to any place and pay with their card.

Nowadays we have cards that you do not even have to use pin for, just touches the machine and it pays automatically, so it's really easy for them. I have to say that the best thing to do right now would be not doing something for the elderly, we will be 80+ year old eventually as well, will we not be able to? We can, so do not lose hope for the current elderly neither.

On the era and technology that we do have today then it is really a big convenience on which you could able to pay something without the hassle on making or lining on long piles of people before you could able to

pay for something but instead you could pay by your card and on times you are on a restaurant or something you purchased then just like what you said where you could just easily swipe it out then your done.

Its really a great convenience but it cant really be denied that fiat would still play some role in our society or in overall.Despite of the cashless transactions we do have but there are some
certain key areas on which making use of fiat is much more convenient and come to mind off that not all would really be that knowledgeable on online
transactions which it is really just right to have that alternative.

[mm2543363580]

I think the thing that can make Cryptocurrencies users not afraid of investment is a clear policy, in my opinion without a clear policy will make users always worried and confused, especially the latest cases namely Luna, this can happen and repeat without being able to be controlled.

it will take long long time.. especially the third world countries. .  where the local transportation is Tuk Tuk and Rickshaw and the local hackers do not have have a smart phone. Illiteracy is the main problem and hindrance in making this cashless policy a reality.

[bakasabo]

Honestly in my nation we are talking about 80+ year old people getting their pension money to their bank accounts and they are capable of withdrawing that with their cards if they want to. Maybe they would have a trouble paying their bills via their app, but they could definitely go to any place and pay with their card.

Nowadays we have cards that you do not even have to use pin for, just touches the machine and it pays automatically, so it's really easy for them. I have to say that the best thing to do right now would be not doing something for the elderly, we will be 80+ year old eventually as well, will we not be able to? We can, so do not lose hope for the current elderly neither.

Technologies are developing so fast, that when current generation that is used to pay just by touching payment terminal with card turn 80+, there will be new and more convenient way to make a payment. And we, wireless payment users, will be considered as old fashioned. But until we have good and services that cost tiny price and shady business, we wont switch to cashless policy.

[gunhell16]

At this very moment or in our generation I think cashless policy might be good and also not good as well. Because, there are some traditional business that has been arise all over the world now are more on favor at fiat money though, there are some merchants or business are accepting cashless payment like credit card, paypal, and more something like that.

In other words, nowadays, fiat currency still important in any aspects of the business we had in the whole world now. So for me, it is not the right time I think though we are going there in the near future.

[mm2543363580]

First of all I think if we do indeed make the transition to a 'cashless society' certain safeguards for privacy will be put in place. But indeed it would be a real hit to privacy. Unless they come up with a really smart system that encrypts data and only a part of the data is publicly available while the rest needs let's say the private key of the individual, but that becomes complicated if authorities need to investigate a criminal case.

I'm sure CBDCs are not going to be the single asset in existence so bartering would still be available.

A decentralized currency like Bitcoin would be the way to go. I would go even further and say that a mix between a stablecoin (maybe backed by Bitcoin) would be the best way for our global financial system.

Easy for the developed country - where everyone person has a smart phone and 4G or 5G and people are literate how to deal with cashless transactions.
But not an achievable goal for the third world counties - in particular South Asian countries where poverty is high and literacy is low.

[Argoo]

At this very moment or in our generation I think cashless policy might be good and also not good as well. Because, there are some traditional business that has been arise all over the world now are more on favor at fiat money though, there are some merchants or business are accepting cashless payment like credit card, paypal, and more something like that.

In other words, nowadays, fiat currency still important in any aspects of the business we had in the whole world now. So for me, it is not the right time I think though we are going there in the near future.

In recent decades, our world has been moving very rapidly towards non-cash and digital money. For a certain part of the population, these are very convenient forms of payment. But not for everyone. Some residents of almost all countries will not be able or will not want to part with cash and will rather go for barter transactions than non-cash ones. This is also understood by governments. At the same time, the rapid turnover of cash is important for the economy of each state. Even in China, they urged not to get carried away with completely non-cash money and not to give up cash. And you need to remember that cash is one of the most untraceable. Therefore, we should not quickly go into the trap of governments.

[stomachgrowls]

At this very moment or in our generation I think cashless policy might be good and also not good as well. Because, there are some traditional business that has been arise all over the world now are more on favor at fiat money though, there are some merchants or business are accepting cashless payment like credit card, paypal, and more something like that.

In other words, nowadays, fiat currency still important in any aspects of the business we had in the whole world now. So for me, it is not the right time I think though we are going there in the near future.

In recent decades, our world has been moving very rapidly towards non-cash and digital money. For a certain part of the population, these are very convenient forms of payment. But not for everyone. Some residents of almost all countries will not be able or will not want to part with cash and will rather go for barter transactions than non-cash ones. This is also understood by governments. At the same time, the rapid turnover of cash is important for the economy of each state. Even in China, they urged not to get carried away with completely non-cash money and not to give up cash. And you need to remember that cash is one of the most untraceable. Therefore, we should not quickly go into the trap of governments.

We've been already dealing with cashless transactions which we do know that credit/debit cards had been already invented or already available for us people who could make use on different transactions

which it indeed really bring out that convenience that we do really need on day to day living specially into those someone who do make out active transactions which these changes made out some relevant effects in overall.Why we cant embrace cashless society? If this would be applied in overall then its not a bad idea but we cant really just deny on how relevant fiat notes or paper money in day to day
basis on some aspect? We cant just do online transfers or transactions from time to time and also not all would really be that literate on doing stuffs like that thats why
we do see that such full integration or application cant really be just possible.

[carlisle1]

At this very moment or in our generation I think cashless policy might be good and also not good as well. Because, there are some traditional business that has been arise all over the world now are more on favor at fiat money though, there are some merchants or business are accepting cashless payment like credit card, paypal, and more something like that.

In other words, nowadays, fiat currency still important in any aspects of the business we had in the whole world now. So for me, it is not the right time I think though we are going there in the near future.

In recent decades, our world has been moving very rapidly towards non-cash and digital money. For a certain part of the population, these are very convenient forms of payment. But not for everyone. Some residents of almost all countries will not be able or will not want to part with cash and will rather go for barter transactions than non-cash ones. This is also understood by governments. At the same time, the rapid turnover of cash is important for the economy of each state. Even in China, they urged not to get carried away with completely non-cash money and not to give up cash. And you need to remember that cash is one of the most untraceable. Therefore, we should not quickly go into the trap of governments.

Physical cash is indeed the untraceable when you are holding it and not to store in inside the bank, and that something people

who loves owning and using physical money / fiat money continue to enjoy, while in the sense of cashless, there are new generation

people who embracing the system and loving how the convenient that this process provides.

[teosanru]

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.
Now, with countries experiencing inflation, the best way to curb this inflation is by using this method of going cashless as there will be no much paper money in existence.
 But then, when these government bodies introduce these policies, they carefully scrap out the demerits of these proposals if I may call it that, because why worry about these "little disadvantages" when there is a world of good adopting such a policy could do for a country.
 I took out time to do a little research on this cashless economy plan, and found that though there are positives, there are also  some red flags that are worth pointing out.
 
Pros:
1. Reduces crime rates as there is no tangible money to steal.
2. Decrease in money laundering
3. Less time and costs associated with handling, storing and depositing paper money.
4. Easier currency exchange.

Cons:
1. Banks have full control of every single penny you own .
2. Every transaction you make is recorded.
3. Access to your own money can be blocked at the click of a button.
4. The government will decide what you can and cannot purchase
5. If your transaction are deemed in anyway questionable by those who create the questions, your money will be frozen "for your own good".
6. Potential data breach may expose personal information
7. Temptation to overexpand may increase.
 
If the world must go cashless, Bitcoin should be the better option, but as the government will always want to be in charge of your funds, CBDC is always projected by the government. https://www.google.com/url?q=https://www.managementstudyguide.com/cashless-economy-pros-and-cons.htm&sa=U&ved=2ahUKEwjNtYToxIT4AhXMyIUKHdrhC7MQFXoECAUQBg&usg=AOvVaw2132ZR98zH061TKrcKtzvu

First of all inflation does not decrease or gets controlled in the cashless economy infact it is increased. Cashless economy fosters usage of credit cards etc. And credit cards means that everyone is creating credit in the economy thereby increasing money flow in the economy. Only an economy working on an altogether separate currency which is modelled to be deflationary can be helpful in this scenario just stopping usage of cash can't help. But the biggest issue with the cashless economy that I have as you mentioned is Government can stop you from using the money just by click of one button. This is too big of a power given to any state.

[Wilhelm]

A cashless policy is a good thing to stop money laundering and crime but it's a double edged sword.

The problem is that the info can also be used to track your every purchase incl. time and location.
With AI/ML you can probably profile a lot of things which should be left alone.

[LUCKMCFLY]

Indeed, some people are doing this for many years already but it is never enough to enlighten others to adapt to the system knowing that they don't have the capacity to do it. In any form of cashless payment, nothing has been largely compared to fiat money which means that the majority are still reliant to paper money for their convenience and are most likely don't have a reason to stop using it. The word convenience makes people to choose what they want and a particular method of payment.

I think the irreversible process of switching to non-cash payments has been going on for a long time. All governments, with the help of the banking system, are very strongly promoting this form of payment, of course, they primarily pursue the goal of controlling the financial condition of their citizens. But it is very difficult to draw the attention of the government to the possibilities of cryptocurrency in non-cash payments. But the main role in this will be played by startups that will introduce blockchain into the banking sector, such as Africunia. Therefore, everything is still ahead.

Well the advantage I see of all this is that electronic payments over fiat is that those who have to pay with large sums of money do not need to transport it in suitcases or similar things, they would not be exposed to possible theft, However, it is likely that for people such as older adults, they do not like digital or electronic payment, I think that this would be a population that could have a hard time adapting, also for other people who prefer cash and are radical in that, you also have to protect yourself, that is In other words, in a possible world chaos that there is no electricity service or internet service, some type of support for payments of this style would have to be activated, perhaps the devices should have solar panels to receive payments and not depend on electricity, and that the internet activates a direct service through satellite.

[tabas]

it will take long long time.. especially the third world countries. .  where the local transportation is Tuk Tuk and Rickshaw and the local hackers do not have have a smart phone. Illiteracy is the main problem and hindrance in making this cashless policy a reality.

Local hackers but don't have a smart phone? I think that's too much for that description, most hackers that we usually know are in depth of knowledge with modern technology.
Well, maybe it's a real thing that they don't have a smartphone and only got PC on use. But I'm thinking of the reality that today, it's likely that smartphones are already a necessity.

[mm2543363580]

it will take long long time.. especially the third world countries. .  where the local transportation is Tuk Tuk and Rickshaw and the local hackers do not have have a smart phone. Illiteracy is the main problem and hindrance in making this cashless policy a reality.

Local hackers but don't have a smart phone? I think that's too much for that description, most hackers that we usually know are in depth of knowledge with modern technology.
Well, maybe it's a real thing that they don't have a smartphone and only got PC on use. But I'm thinking of the reality that today, it's likely that smartphones are already a necessity.

Has anyone got a chance to watch snowden - the more the people are into spying agencies - the more they run away from these smart gadgets, and keep changing them time to time. If we are having a clear background we must not be scared of anything.However those who do wrong - keep hiding and avoiding things.

[Oasisman]

~snip~

Easy for the developed country - where everyone person has a smart phone and 4G or 5G and people are literate how to deal with cashless transactions.
But not an achievable goal for the third world counties - in particular South Asian countries where poverty is high and literacy is low.

Well, that's kinda true though. However, not everyone in the developed countries are tech savvy and knows how to deal with digital finance transactions. But for the most part in the southeast Asia, imposing the cashless society is close to impossible due a lot of factors and I honestly don't believe it would happen.
I'm not sure but I guess there were at least 30% of the population in my region who do not know how ATM machine works.

[Minecache]

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.

Cash is still a necessity, which would be difficult in a cashless world. In my family, grandparents are quite old, using the phone and internet has become very difficult for them, so they still choose to use the old methods for daily living. And not only in my family, there are a lot of older people like my grandparents who won't be able to keep up with technology trends they still need but traditional means to serve their daily life.

[bakasabo]

China crushes mass protest by bank depositors demanding their life savings back <-- this can be one of the cases why cashless policy impossible. What will you do if all your funds are in different banks, all your cards stop being accepted, and cryptocurrency is prohibited or you cant make instant crypto>fiat exchange. Yesterday you had money, but today all of a sudden you have nothing. Another proof of not keeping all eggs in one basket. Cashless policy can limit your financial opportunities.

[jostorres]

China crushes mass protest by bank depositors demanding their life savings back <-- this can be one of the cases why cashless policy impossible. What will you do if all your funds are in different banks, all your cards stop being accepted, and cryptocurrency is prohibited or you cant make instant crypto>fiat exchange. Yesterday you had money, but today all of a sudden you have nothing. Another proof of not keeping all eggs in one basket. Cashless policy can limit your financial opportunities.

That issue was not new. Banks can sometimes suck, that is why bitcoin and other cryptos are invented so that people can avoid problems like that because cryptos are not bank dependent but if cryptos are also banned on your country then I don't know if what are the available solutions left.

You are right, maybe a cashless policy is not totally possible to some of us but it's always better to have a physical cash on hand just in case there are unexpected problems that can occur. There are lots of them not only bank issues and crypto banning, but electricity and internet can also become unavailable sometimes due to the natural disasters.

[DrBeer]

China crushes mass protest by bank depositors demanding their life savings back <-- this can be one of the cases why cashless policy impossible. What will you do if all your funds are in different banks, all your cards stop being accepted, and cryptocurrency is prohibited or you cant make instant crypto>fiat exchange. Yesterday you had money, but today all of a sudden you have nothing. Another proof of not keeping all eggs in one basket. Cashless policy can limit your financial opportunities.

This news is not surprising. I won't touch on China's domestic politics - that's their business. But if we talk about the Chinese economy, then this is perhaps the biggest bubble of the last century! Global stagnation is destroying China's overheated but heavily dependent on buyers economy. Inside China, there are many economic problems that they hide in every possible way. But given the situation in the world, it will end sooner or later. And then we will see and hear how the biggest bubble bursts!
The fact that people cannot get their money, in one of the richest countries, with one of the key economies in the world, is a very bad bell!