Well, it was not an issue if we pursue having a cashless society or not, but the question is if the government and the community is fully ready to adopt the system? Coz what I see, even 10 years from now the people aren't ready enough for this nor the government. As long as we still have the option to use fiat, this is impossible. As per to see, people are much more comfortable using fiat on daily basis and also establishments.
As for me, cashless is just an option, the same thing with fiat and it remains like that forever.
Topic: Should we embrace a cashless policy?? (Read 1226 times)
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True. It is not those scams that we can just call it money theft. I had some friends where I do not even know how the hell their money got stolen (it happened long time ago). I just heard that the balance from their wallets were somehow just got swept away in a blink of an eye.I realized that in anyway as long as it is coded by someone, there is no perfect security.
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
depend in what kind of country you are running mate because surely if your country is not completely developed or not having that great internet connection and the willingness of your people to adopt .there must be something that you need to impose for them to understand how this will work and will be adopted .
totally hard to imply or apply considering that there are transactions which is more better to be done with fiat or paper money than on online stuffs or something correlated.
Now we are on a high tech era which transactions could really be done easily through online transactions and we would really be progressing as future years to come.
maybe there is a need for preparation before the proper implementation .
realizing on how hard for it to be done or implemented since not all people are really that literate on todays era where everything turns out to have the access on the internet
and as mahanton said that connectivity is really that simple and could be done which its impossible to think that someone couldnt able to engage on.
Its true that implementation is hard because adjustments would be needed and wont really be that able to happen in a very short span of time.
Cashless policy is inevitable and we like or not its gonna happen in the future. Actually, we now using it as a payment system online such as paying bills, ordering online and even going to the supermarket we can pay online using some various online apps. So, we eventually have this coming and I like it for its convenient for me without really carrying a real cash in my wallet and all I need is my phone though.
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
depend in what kind of country you are running mate because surely if your country is not completely developed or not having that great internet connection and the willingness of your people to adopt .there must be something that you need to impose for them to understand how this will work and will be adopted .
totally hard to imply or apply considering that there are transactions which is more better to be done with fiat or paper money than on online stuffs or something correlated.
Now we are on a high tech era which transactions could really be done easily through online transactions and we would really be progressing as future years to come.
maybe there is a need for preparation before the proper implementation .
Going cashless has many benefits but I am not sure how it can ease inflation. Since inflation is much more than the excess of currency in physical form. The value of a currency is falling and if it was that easy to curb inflation then we wouldn’t be facing it in the first place. There are many economic and political factors that are contributing to inflation and we must go to the root cause of the issue to resolve this crisis.
Cashless policy is what is raining everywhere in the country are they the cashless policy is becoming obvious because of the way of cryptocurrency and the cryptocurrency is the one that brings this many changes for cashless way of living and right now if you have been helping and Islam produce a lot of criminal activities in so many environments 
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
depend in what kind of country you are running mate because surely if your country is not completely developed or not having that great internet connection and the willingness of your people to adopt .there must be something that you need to impose for them to understand how this will work and will be adopted .
totally hard to imply or apply considering that there are transactions which is more better to be done with fiat or paper money than on online stuffs or something correlated.
Now we are on a high tech era which transactions could really be done easily through online transactions and we would really be progressing as future years to come.
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
depend in what kind of country you are running mate because surely if your country is not completely developed or not having that great internet connection and the willingness of your people to adopt .there must be something that you need to impose for them to understand how this will work and will be adopted .
In fact,I think that the trend of non-cash payment will be the next development trend of the world. However, payments are only a small area allowing changes to be received from a better angle. A total change to a world with NO CASH There can be many possible pressures or difficulties for a major transition. It will probably take a long time, but CBDC piloting or the full development of bitcoin and crypto can remind us that the opportunity to move towards a completely cashless world is possible in the future go further
Going cashless has many benefits but I am not sure how it can ease inflation. Since inflation is much more than the excess of currency in physical form. The value of a currency is falling and if it was that easy to curb inflation then we wouldn’t be facing it in the first place. There are many economic and political factors that are contributing to inflation and we must go to the root cause of the issue to resolve this crisis.
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
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
it is a good prediction, cashless society is one of the best option ever if it is bitcoin because it has decentralized system. But from your narration, You also made mentioned of fiat currency if made as cashless digital currency. And I really appreciate your pros and cons. But if government brought out cashless policies that would be the worst ever. Because the charging fees will be deducting higher than the cash system. Government have never embarked on any project that benefit the citizens forever. Mostly the developing nations. Also I do not think the world will go for a cashless society because of the illiterate ones. If the government implement the policy today, how the market women and men that do not know how to use the system will do? So, as form, I will prefer a mixed transaction economy of cash for the local market people and cashless (bitcoin) for the computer literates. Then another question arises, when the cashless group want to buy something in the market, what will they do? At that time they also need to have cash to buy the cooking stuff. Therefore, cashless society became cash again.
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.
1. Money theft can take place virtually as well as in real life. Electronic money thefts happen even before the emergence of cryptocurrencies.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.
2. This is a natural result of the decrease in theft rates according to the first point, and I have refuted it.
3. Not necessarily, this will be associated with identity verification procedures and paying service fees to the party concerned with providing it.
4. Same answer as point 3 ; Not necessarily, this will be associated with identity verification procedures and paying service fees to the party concerned with providing it.
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.
All these points lead to a clear conclusion ; There is a real and urgent need to build a financial system without cash, but not according to the basics on which the cash system was based with its centralized background. Decentralized cryptocurrencies offer the most effective solution in this case. 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.
You got the point but still their are some things unclear. I mean Why the government use our money and impose more and more taxes upon us ? I mean yes they provide services but the way these banks are milking normal peoples is way above normal. With involvement of crypto, Governments sectors and private banks too now panicking and those who joined the decentralize sector just like you mention "Africunia" one I don't know much about, Are the ones who know what the shape of future could be.
I think you didn't get the main idea if how there project is working or what are there fundamentals. Basically they are providing a unique financial system and including a decentralize currency into their system too. this is quite popular among many crypto banking system if you care to search. either they are africunia or Xblock or any other, they all work the same principle.
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
It was just for you mate, but you can direct others and tell you your plan or even they will follow your desires as certainly they have a different plan and opinion in regards to cashless mode of payment. Embracing this policy needs support from the community as well and much more from those who will accept and impose such rules. I can't say but likely, not all are in favor of that. And besides, this was not the solution to crime rates, this will even help to increase it. We can embrace but not a MUST.
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
Good luck on next elections with such decisions
If you claim a cashless politics in your country, then how you plan to control it? Anyone seen with cash on the street will be put in jail or fines ? People must decide if they want cashless policy, not a president. If a president claims such things, then everyone will be afraid to be under control, under surveillance. This will only trigger more cash or shady deals.
From my opinion, if I'm a president i think i will adopt cashless policy in my country, because with the cashless system of getting or trading in the country, it will limit the level and situation of crime this time. Because when looking at it very well it seems that buying and selling of things now it's likely going viral with the system of digital system of money without physical Cash and without buying any items with fiat currency. So if i were a leader in government i would have legalized it and make it to be culture
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
I think there is no real problem embracing a cashless policy as it brings more convenience and fast, and efficient transactions. But the only problem is, the government is not ready for it. The majority still prefer the traditional payment system, particularly for those old and uneducated people as they find it hard to cope up with the changes. I think the best thing to do is to offer both cashless and traditional payment system, and its up to the people what to choose for their own convenience. 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
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!
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.
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.
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