There is nothing wrong with technological evolution. In fact, technology usually means progress and is often directly correlated to convenience. Yet, this transition normally happens naturally like in the move from the Walkman to the CD player and later the MP3, or from the pager to the mobile phone. These are clear examples of technologies becoming obsolete because consumers freely decided to move on. The the same can’t be said in the The expression refers to various policies by governments and campaigns run by other stakeholders, including providers of alternative payment instruments, aimed at reducing or at abolishing the use of cash altogether. This includes for instance the withdrawal of high‐denomination banknotes or restrictions on cash transactions as well as spreading misinformation on the usage and properties of cash..
There is an unofficial war taking place and it’s far from being equitable. In fact, a forced move to a cashless society will most likely exacerbate existing inequalities, widening the gap between rich and poor. In the past, “the financial system was actually a barrier to progress for the world’s poor, while Money in physical form such as banknotes and coins. was a facilitator for them”, and there’s no reason to believe that this will improve in a world where banks and the financial sector acquire even more power via their access to everyone’s transactions.
Cash is a direct mode of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. and it’s the fastest and most convenient. It’s also the only See Payment instrument. that guarantees direct payment, and not through a middle man or middle app. “If you listen to scaremongering, you’d start to think that all cash users are criminals, tax evaders or terrorist. Sure, some use cash to evade tax, but it’s paltry compared to the tax avoidance schemes Google and Facebook have employed”.
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