Cashless shops and restaurants are slowly appearing across developed countries. For some, they are paving the way for a fully digitalised banking system. Nevertheless, it is important to be aware of the risks associated with a cashless society.
First, digital From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More might seem more convenient than traditional See Banknote paper. More money, but it is highly vulnerable to hacking. Indeed, even the most secure banking systems are prone to attacks and several central banks have already been affected. In comparison, banknotes contain a full range of security elements that make them much more difficult to The reproduction or alteration of a document or security element with the intent to deceive the public. A counterfeit banknote looks authentic and has been manufactured or altered fraudulently. In most countries, currency counterfeiting is a criminal offence under the criminal code. More than electronic digits. In addition, digital transactions can be traced at any time, which raises the question of data privacy and anonymity.
Besides, the 2008 global financial crisis has demonstrated that a great number of countries are susceptible to go into bankruptcy. In such a situation, people can only rely on the Money in physical form such as banknotes and coins. More that has been taken out of the system before the banks’ collapse.
As risks usually arise when the money is stored only in one place, people should be able to choose between diverse A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More instruments and diverse forms of money. It is therefore crucial to keep a balance between real cash and digital money.
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