Topic: Cashless Economy: Is Society ready for transformation? - page 17. (Read 20772 times)
The era of digital currencies has already began with people switching from the usage of paper money to the patronage of credit card, e-currencies, cryptocurrencies etc. This is all because the digital currency offer convenience and with cryptocurrencies, transactions are more secured, faster, and can be transferred to anywhere across the globe. People are ready for cryptocurrencies. What is left now is the endorsement of it by the governments of some countries.
Implementing a "cash-less" society can be potentially destructive to economies of third-world countries, especially to countries who do not have access to technological innovations and developments. Suddenly shifting to this kind of change can potentially be destructive and will further hinder the marginalized sectors from having access to such resulting to a counter-productive move.
Can you give me one example where this cashless menace can turn destructive on the whole economy?
Please note that you mention the poverty in India, and sorry to say but this is the reality, a million people earning 1$ a day have less influence than 10 000 making 30 000 a month, as even the number are equal on payday, the poor spend them all on basic stuff while the others afford to invest and start a business.
Sweden is an example of a cashless society, probably most important NOT an imposed one, but driven by the will and the spending habits of the people and nothing has gone wrong economically.
They need it.
Instead of buying a cow bringing a bag of money which is tiresome.
Heard this story from one of my friends. Because of the low conversion of their money they tend to bring bags just so they could buy one item that is expensive when they are using cash.
Instead of buying a cow bringing a bag of money which is tiresome.
Heard this story from one of my friends. Because of the low conversion of their money they tend to bring bags just so they could buy one item that is expensive when they are using cash.
Wiki tells me there is a 2000 rupiah banknote, the value would be 30$.
I know cows are sacred in India but I somehow doubt you would pay 3000$ for one.
For India, the transition to digital technology and the circulation of only non-cash electronic money is absolutely unrealistic. This country is relatively poor and unprepared for such cardinal changes in the field of finance. In this country, the problem of cryptocurrency circulation is still not solved. The introduction of cryptocurrency is very opposed to the central bank of this country. And the population itself is not ready for such drastic changes.
As far as I know, India now is working into becoming a cashless society, I don't think so if they are not unprepared of this but their government was planning a revolutionizing payment system and lead to a cashless society. The Reserve Bank of India(RBI) was revolutionized the payments systems through mobile base payments, debit cards, and the E-wallet system. I think they are having an upcoming development in their country to have as huge benefits in reducing cash transactions and a move towards digital payments like having ATM cards.
I do not think that society is completely ready for transformation into cashless economy. Sometimes it is easier to work with paper money, for that transaction you do not need internet connection nor computer.
They need it.
Instead of buying a cow bringing a bag of money which is tiresome.
Heard this story from one of my friends. Because of the low conversion of their money they tend to bring bags just so they could buy one item that is expensive when they are using cash.
I doubted it at start but it does happen to rural places in India. Maybe they should really push this idea to make life easier.
Instead of buying a cow bringing a bag of money which is tiresome.
Heard this story from one of my friends. Because of the low conversion of their money they tend to bring bags just so they could buy one item that is expensive when they are using cash.
I doubted it at start but it does happen to rural places in India. Maybe they should really push this idea to make life easier.
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!!
For India, the transition to digital technology and the circulation of only non-cash electronic money is absolutely unrealistic. This country is relatively poor and unprepared for such cardinal changes in the field of finance. In this country, the problem of cryptocurrency circulation is still not solved. The introduction of cryptocurrency is very opposed to the central bank of this country. And the population itself is not ready for such drastic changes. Lets discuss!!
Implementing a "cash-less" society can be potentially destructive to economies of third-world countries, especially to countries who do not have access to technological innovations and developments. Suddenly shifting to this kind of change can potentially be destructive and will further hinder the marginalized sectors from having access to such resulting to a counter-productive move.
The problem is they are implementing this kind of change in India, where poverty level is at 22% of its population (around 294 million people)[1]. This move will only benefit the average-upperclass sectors and will further burden the lower-class income due to having limited access to such. Like what you mentioned, this will only work on countries on the global level.
[1] https://en.wikipedia.org/wiki/Poverty_in_India
If we look on global level many countries in the world are cashless, cuz they limited usage of paper money for everything and they pay mostly with cards and mobile devices. But if you are referring to usage of crypto in every day that wont happen any time soon cuz crypto is unstable in price. Maybe they will develop something that will have same price all the time but even if this comes to be using crypto in every day purchase this is still for the moment science fiction.
The problem is they are implementing this kind of change in India, where poverty level is at 22% of its population (around 294 million people)[1]. This move will only benefit the average-upperclass sectors and will further burden the lower-class income due to having limited access to such. Like what you mentioned, this will only work on countries on the global level.
[1] https://en.wikipedia.org/wiki/Poverty_in_India
Its not easy to cashless its makes more years to analyze if this is good in the country. Some countries are not already progressive but i think its happening if the countries is want to accept cashless in the territory. Cashless are very helpful and easy to transact but there are some places that not accept cashless like a wet market but if the government rules is to cashless payment for every purchasing is good but i think its hard to accept because like i said we need more research and plan about that kind of economy.
Anything start from the scratch. Implementation of something goes into deep process and study before of the actual execution. It means it was being fully prepared and those problems along the way are already on the table. No way a government will just implement something without undergoing into a deep study. A program like that surely approved by their economic team.
Don't know about India but let the government do what they want as long as we all know it won't bring harm to the country as a whole.
Cashless or digitalized system doesn't always involved crypto. People just have to wait for the progress along the way.
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!!
Lets discuss!!
In some countries maybe yes, however, some countries are yet to adopt a cashless society. Not everyone has accepted cryptocurrency yet, that is why I really think we are not yet ready for this. This might take some time, until everyone is aware of crypto as a medium of exchange, not an asset to get income.
If we look on global level many countries in the world are cashless, cuz they limited usage of paper money for everything and they pay mostly with cards and mobile devices. But if you are referring to usage of crypto in every day that wont happen any time soon cuz crypto is unstable in price. Maybe they will develop something that will have same price all the time but even if this comes to be using crypto in every day purchase this is still for the moment science fiction.
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!!
Turning to e-money instead of using cash is a nice step. Cash is easy to lose and spoil, it requires significant production costs to make sure that it's hard to fake and it's not very eco-friendly to waste materials on it. Demonetization is a positive trend al long as it does not discriminate those who still use cash and as long as it allows groups who depend on cash to slowly transfer to e-payments. I am not sure that it means going 'faceless', though. When you pay in cash, nobody identifies you. With bank accounts the authorities can trace a lot of personal information and if we are talking about cryptos, at least transactions and wallets can be determined. Lets discuss!!
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!!
Lets discuss!!
I don't expect a country like India to create cashless society.After all it's India.The amount of poverty is insane and probably 90% of the people don't have smartphones/computers.In addition to this,India in't crypto friendly at all.They want to make a cashless society that depends solely on banks.
China is already into it. You can pretty buy anything there with your phone so they are all up to this cashless already. If the worlds richest country are already up to it, I think the rest will also follow otherwise we'd be left behind in the progress. Crypto is paving it all for almost all industry so we can pay crypto soon.
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!!
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.
I think cashless is different from digitalizing the economy. Cashless is achievable in almost all the countries as it is now but not to avoid the use of cash at all. It just means that there are choices of not carrying money around and there are restrictions as to how much physical cash you can carry.
This is sourceless and it can be regarded as baseless even if you have read it from somewhere.
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!!
Lets discuss!!
This is sourceless and it can be regarded as baseless even if you have read it from somewhere.
If the common folk isn't ready about accepting cashless economy, then the whole scheme would somehow be a failure, considering that the little units that keep the gear turning isn't ready for a change. Perhaps this will only be useful on fast-paced environments like shopping malls, tech centers, high-end shops and the likes, though the informal economy, alongside the little merchants and consumers will be left clueless at the first part of the change. Digital cash and a cashless economy would surely be the inevitable future for most parts of the world, but I think it should be taken one step at a time, not giant steps that would surely confuse the little parts of the economy that are still accustomed to coins and paper for their everyday transactions.
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!!
You make the topic must be accompanied by a source, because your topic does not add other words to discuss,Lets discuss!!
This is a danger to yourself if caught copy / paste, it is strictly prohibited at the Bitcointalk Forum.
You take from this source: http://cashlessindia.gov.in/
This is a ridiculous idea for the case of India. The people suffer from poverty and ignorance when politicians play the easiest cards to get in parlament.
It's the same for majority of third world countries.
This is also far from reality for other developped country .
It's the same for majority of third world countries.
This is also far from reality for other developped country .
Well even a well developed countries still not entirely cashless, I doubt it could be succeed in the developing country, it need a sophisticated infrastructure and all of the citizen that are aware of technology, the cashless technology couldn't be suddenly implemented, it need times and adaptation, so I will say for now the society still not ready yet, maybe if the government consistent in 5-10 years it will work
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