Topic: Should we embrace a cashless policy?? - page 2. (Read 1226 times)

The first impression I got after reading OP is this. EU and USA are not the whole worlds. There is a vast area of land in Asia, and Africa where people don't have an internet connection and are out of the digital landscape we live on. Paper cash is still the only way of the economy there so if mass adoption of cashless policy has to be taken then there should be some measures taken for those people.

On the other hand in many urban areas internet connections is not that strong and secure. A cashless economy means no paper cash. So any disruption in internet connection would cause major damage to the economy.

Easy for the developed country - where everyone person has a smart phone and 4G or 5G and people are literate how to deal with cashless transactions.
But not an achievable goal for the third world counties - in particular South Asian countries where poverty is high and literacy is low.

Local hackers but don't have a smart phone? I think that's too much for that description, most hackers that we usually know are in depth of knowledge with modern technology.
Well, maybe it's a real thing that they don't have a smartphone and only got PC on use. But I'm thinking of the reality that today, it's likely that smartphones are already a necessity.

it will take long long time.. especially the third world countries. .  where the local transportation is Tuk Tuk and Rickshaw and the local hackers do not have have a smart phone. Illiteracy is the main problem and hindrance in making this cashless policy a reality.

I think the irreversible process of switching to non-cash payments has been going on for a long time. All governments, with the help of the banking system, are very strongly promoting this form of payment, of course, they primarily pursue the goal of controlling the financial condition of their citizens. But it is very difficult to draw the attention of the government to the possibilities of cryptocurrency in non-cash payments. But the main role in this will be played by startups that will introduce blockchain into the banking sector, such as Africunia. Therefore, everything is still ahead.

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

In recent decades, our world has been moving very rapidly towards non-cash and digital money. For a certain part of the population, these are very convenient forms of payment. But not for everyone. Some residents of almost all countries will not be able or will not want to part with cash and will rather go for barter transactions than non-cash ones. This is also understood by governments. At the same time, the rapid turnover of cash is important for the economy of each state. Even in China, they urged not to get carried away with completely non-cash money and not to give up cash. And you need to remember that cash is one of the most untraceable. Therefore, we should not quickly go into the trap of governments.

In recent decades, our world has been moving very rapidly towards non-cash and digital money. For a certain part of the population, these are very convenient forms of payment. But not for everyone. Some residents of almost all countries will not be able or will not want to part with cash and will rather go for barter transactions than non-cash ones. This is also understood by governments. At the same time, the rapid turnover of cash is important for the economy of each state. Even in China, they urged not to get carried away with completely non-cash money and not to give up cash. And you need to remember that cash is one of the most untraceable. Therefore, we should not quickly go into the trap of governments.

At this very moment or in our generation I think cashless policy might be good and also not good as well. Because, there are some traditional business that has been arise all over the world now are more on favor at fiat money though, there are some merchants or business are accepting cashless payment like credit card, paypal, and more something like that.

In other words, nowadays, fiat currency still important in any aspects of the business we had in the whole world now. So for me, it is not the right time I think though we are going there in the near future.

First of all I think if we do indeed make the transition to a 'cashless society' certain safeguards for privacy will be put in place. But indeed it would be a real hit to privacy. Unless they come up with a really smart system that encrypts data and only a part of the data is publicly available while the rest needs let's say the private key of the individual, but that becomes complicated if authorities need to investigate a criminal case.

I'm sure CBDCs are not going to be the single asset in existence so bartering would still be available.

A decentralized currency like Bitcoin would be the way to go. I would go even further and say that a mix between a stablecoin (maybe backed by Bitcoin) would be the best way for our global financial system.

Honestly in my nation we are talking about 80+ year old people getting their pension money to their bank accounts and they are capable of withdrawing that with their cards if they want to. Maybe they would have a trouble paying their bills via their app, but they could definitely go to any place and pay with their card.

Nowadays we have cards that you do not even have to use pin for, just touches the machine and it pays automatically, so it's really easy for them. I have to say that the best thing to do right now would be not doing something for the elderly, we will be 80+ year old eventually as well, will we not be able to? We can, so do not lose hope for the current elderly neither.

I think the thing that can make Cryptocurrencies users not afraid of investment is a clear policy, in my opinion without a clear policy will make users always worried and confused, especially the latest cases namely Luna, this can happen and repeat without being able to be controlled.

Honestly in my nation we are talking about 80+ year old people getting their pension money to their bank accounts and they are capable of withdrawing that with their cards if they want to. Maybe they would have a trouble paying their bills via their app, but they could definitely go to any place and pay with their card.

Nowadays we have cards that you do not even have to use pin for, just touches the machine and it pays automatically, so it's really easy for them. I have to say that the best thing to do right now would be not doing something for the elderly, we will be 80+ year old eventually as well, will we not be able to? We can, so do not lose hope for the current elderly neither.

Cashless policy promotion has really been long promoted by the government and other businesses and establishments. It's encouraged to transition in cashless policy because of its convenience and ease of using. The accessibility of digital banking and wallets make it easier for people to make transactions in a snap.

Slowly, it is evident that we are adapting to the dynamic changes which is for the better. Because we also have to keep in par with other countries that offer such. However, the elders and the less privileged ones should be taken into consideration. We can't just hastily transition in cashless payment. Instead we can transition little by little and also retain the traditional payment method for those who aren't able to use and keep pace with digital method of transacting.

I'd thought about it as well that will it be that convenient for everyone to go cashless same time since the development is not everywhere, the only countries to benefit that most are the developed ones, but we can't overlooked their relevances both in the role they play for the payment of goods and services in the world economical system, come to think of it this wat that bulkiness in cash is no more necessary in making payments while there are instances whereby cash is more needed because of the conditions surrounding it, the two need to be in use and i think bitcoin itself have solve alots of potential potholes in fiat cashless policy and regulations around it, no limitations in bitcoin transactions unlike in fiat.

I think the thing that can make Cryptocurrencies users not afraid of investment is a clear policy, in my opinion without a clear policy will make users always worried and confused, especially the latest cases namely Luna, this can happen and repeat without being able to be controlled.