Cashless Economy: Is Society ready for transformation? - page 7.

Colt81

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Quote from: agentx44 on October 29, 2019, 12:43:11 PM

Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

It would surely make a great improvement for India. We all know India is a very powerful and advanced country in terms of technology. Having crypto interfere with their monetary system would not be a hard thing to adjust for them. If ever, they would be the very first country that uses crypto or existed as a cashless society. Their economy might grow up to the roof or may fall down if ever things won't work well. We cannot really conclude anything yet but it would be a great help for the crypto community all over the world if India ends up being successful.

Indeed. I also think that it will be a great start to have such great improvement in making their country advanced in technology like Japan. There are still a lot of people in India who have not yet adopted cryptocurrency, so it will be a problem for them to be a cashless economy, but i think if a lot of people already adopted cryptocurrency in India they would not have any problem for being a cashless economy because even India is still a developing country they can still handle it, and it maybe the reason for them to make their economy grow.

agentx44

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

It would surely make a great improvement for India. We all know India is a very powerful and advanced country in terms of technology. Having crypto interfere with their monetary system would not be a hard thing to adjust for them. If ever, they would be the very first country that uses crypto or existed as a cashless society. Their economy might grow up to the roof or may fall down if ever things won't work well. We cannot really conclude anything yet but it would be a great help for the crypto community all over the world if India ends up being successful.

Edraket31

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Quote from: yulionoo on October 24, 2019, 11:00:23 PM

in my opinion not ready yet especially for a third country. most of the people are not yet aware of technology, and the spread of the internet is not evenly distributed and there are still many people who do not understand digital money and then they also do not have adequate infrastructure to support cashless society. so I thought this would take a long time to be done.

Yes, not yet, crypto users are just 1% of the total population, so we cannot transform to cashless as we are still few who knows and adopt crypto, maybe when time comes that majority of people or a least 50% are already using it then it is possible, but not yet at the moment, too early for that, we still need few years before it happen.

BennyK

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The cashless or paperless money society is a revolutionary movement that will certainly happen in the future but for now, it still has some significance in the society. As digital currency in the form of mobile banking, visa, debit cards, cryptocurrency etc adoption grows gradually, the world nears the paperless money era.

yulionoo

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in my opinion not ready yet especially for a third country. most of the people are not yet aware of technology, and the spread of the internet is not evenly distributed and there are still many people who do not understand digital money and then they also do not have adequate infrastructure to support cashless society. so I thought this would take a long time to be done.

SvonioneFromMangoCoinz

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This is quite difficult to happen. because it loses many important mechanisms such as central banks (always controlling the supply and demand of money every day) and fiat money is transparent.
for example, a country used with an electronic currency, it will be easily manipulated by many other countries.
If the currency of a country is defaulted to be stable, then printing money will occur regularly => money is completely lost.

slocker

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Evidently that we are going in that direction. From some point paper money need to be used and most countries still use gold as backup for credits that they take from global monetary funds. We have crypto that most countries dont like (cuz they cannot control it), that can be used as replacement. Then we have some countries that are slowly reduce usage of cash and try for years to create this cashless society in some point. Read also few years ago that even some countries tried to adopt thereown crypto but project never seen light of the day.

From all of this and probably many thing more that are using or considering using as cashless payment, on this I wont count payment card cuz its backed up with paper money. What remain is that in some point we will maybe see usage of something that will replace money, paper money. My first tough on this was something like in star trek series they were using credits and latinum bard.

Believe this is something that need to happen but like everything exact date is something to speculate.

Polo7

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Yes we are ready!!

But it will not going the way we use to think!

The New Era is the Stablecoins what people Don't undestood is that the goal is not to end debt based fiat currency!!

The goal is to end just the paper Money.

Debt currency will existing for long and it will not going to nowhere!

stfN2128

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

cashless and digital is one of the easiest way to track everybody and have the control about the people. i don't like in which way the govs going.. just imagine the next crash on banks and you can do nothing when the gov decides to freeze accounts...

BTCbengi

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I think the current society is still heavily dependent on cash, which is a must and necessary thing for everyone. We can see that payment services via bank account and ATM card are very developed. However, cash still plays a small part in current payment methods. Therefore, the application of digital money into payment when it is not really popular is impossible. India is not too developed and modern as other countries in the world. So I think they need a long time to improve that

cryptogirl100

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Even if the world would be ready for cashless society, we are definitely not ready for decentralized cashless society. Many still don't realize that once you lose the key it's impossible to retrieve your money. That's a lot easier with banks.

iv4n

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Quote from: acroman08 on June 16, 2019, 09:05:49 AM

Back in 2015 I read in an article that Ecuador declared themselves as cashless currency economy. although I see the positive effect of going cashless there are also downside to this
and countries should consider it's citizens if they ever planned to go through this transformations. also in our current technology I doubt every society is ready for a cashless economy.

You are right about one thing, many countries are not ready for this transformation, they simply don`t have technology to do that, but do you really think about this as some problem for advanced countries? It`s a race, and like in every race there is no time for looking back, you just run as fast as you for that first place.
Cashless economy is the future, one day all countries will be cashless, question is when and what kind of economy we will have in that future, blockchain based economy or banking system will continue to rule the world like they do all this time?

TrueColorsBby

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A cashless society is a dangerous idea since it will give banks way too much power.

Argoo

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

Only in large cities can you try to switch to the use of electronic and digital money. However, it seems to me that cash is still irreplaceable in some cases. In my opinion, people will always use paper money in their calculations. This is a very simple and quick type of financial means of payment, which is not tied to any technical devices that almost always cause certain difficulties.
As for India, here we can definitely say that it is still too early for this state to think about moving to a cashless society.

Rufsilf

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Quote from: stompix on February 28, 2019, 09:01:21 AM

Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

"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.

Exactly, how can they make cashless economy successful when most people in India aren't that educated. They can't even solve poverty in the country and now they are trying to pursue a cashless economy which I think will only be a failure. Having a cashless economy needs internet connection and all people are required to have a bank account and I don't think all people in India have bank accounts and I read in an article that internet in rural areas are very slow so I guess it's just a waste of time pushing something that isn't for everybody.

acroman08

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Back in 2015 I read in an article that Ecuador declared themselves as cashless currency economy. although I see the positive effect of going cashless there are also downside to this
and countries should consider it's citizens if they ever planned to go through this transformations. also in our current technology I doubt every society is ready for a cashless economy.

indrakusumaindra

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The Standard Protocol - Solving Inflation

Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

Well i believe every inovation will takes time and we human will adjusted to the changes, so i do think eventhough we are not ready right now we are going to be okay when it comes. I do believe we are heading to cashless economy but still so many people not see as how we see it. If we talk about india i do think so many people are not ready and also they lack the goverment support in cryptocurrency. So i do think it will be hard to make india to use cryptocurrency for transactions cause there is no support and i do think it means lack of education for their citizens.

fiulpro

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No definitely not.

There are approximately 70% people living in poverty and the definition of poverty is exceptionally not well enough for the people to be considered rich who are even up the poverty line.
You are not rich if you earn 1 dollar a day , trust me.
Due to Price inflation it is ridiculous how someone will go and get a bank account if they are not even sleeping with their tummies full
No we are not ready.

We need

Better education for everyone not just for the people who can afford

This way they will have a chance to actually make a living and get engaged with the cashless society.

Tylev

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

This is simply absurd. India, where a significant part of the population lives on the verge of poverty, the transition to non-cash payments will simply slow down its economic development. A significant proportion of people will not have access to these relatively high technologies for them and will be forced to switch to barter deals. This will have a bad effect on the country's economy, so such experiments will be harmful for India.

7788bitcoin

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

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!!

In order to transform India to a cashless society in a short period of time the government needs to show some kind of magic that could turn the multi millions of poor people into a society that could empower themselves, there is nothing wrong in having goals but you need to understand the situation of a country too while putting up goals, let the government built facilities to empower the lower facet of the society and then come up with goals, one thing i understand is that keeping everyone digitally tracked is easier than the trail left by paper currency and to have a better control over their citizens they might have come up with digital India rather than sorting their core issues Tongue

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