Topic: Should we embrace a cashless policy?? - page 7. (Read 1231 times)

Pros:
1. Reduces crime rates as there is no tangible money to steal.
2. Decrease in money laundering

I think we really need to implement this because it could lessen the spread of pandemic viruses. Dollar notes and coins has a lot of viruses passed from one hand to another.

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

Pros:
1. Reduces crime rates as there is no tangible money to steal.

The first two points in your pro are highly subjective as I do not completely align with you.
Stealing of money can can be easily done electronically than stealing a paper money and same thing can be said about money laundering.
The major pro I expected to see is that cashless policy reduces the cost of printing money. Some countries spend much into to print fiat, that is a problem.

I am a fan of flexibility. There should always be an alternative. If the economy can be mixed, you chose to go cashless or cash. Then, if government wants to encourage cashless policy, they could employ some incentives for people who adopted cashless policy, either in purchase of goods or payment for services.

The first two points in your pro are highly subjective as I do not completely align with you.
Stealing of money can can be easily done electronically than stealing a paper money and same thing can be said about money laundering.

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.

At first glance it is very interesting what you describe about the cashless method. It's just that this will only prolong your troubles with the government. I'm sure there will be parties from the government who strongly reject this kind of program. Or maybe it won't happen at all.

The problem is, before it can be put forward, how do people deal with instability in their understanding of technology? we live with many generations: conventional old, young fiat lovers, and various types of ownership in the form of physical assets. If suddenly changed to cashless, then the implementation to stay in accordance with the initial value, what will happen?

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

That's just a little research he did but true. There is more cons to it and perhaps the government will do it that way after all they own us.

At first I actually doubt that government will have a fair look in developing this sort of technology like the CBDC since its best to just chase what other countries are doing. But after watching what they have been developing like tracking individual's carbon print like what they are talking about in this video, it might really be true that they'd be no  freedom to anyone. And It turns out China's CBDC is actually provides more liberty to its people.

So it wouldn't be surprising if people will fight back and will prefer to use cryptocurrency.

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.

While I'm not fond of having my transactions traced, it's pretty much inevitable, thus, I don't actually bother. Nowadays, all our moves can be traced due to digitalisation. Our phones is one of the most traceable tools, which even tracks and keeps a record of your location history. We're not living in the 80s anymore, whether we like it or not, we can't keep everything private anymore.

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.

1. Reduces crime rates as there is no tangible money to steal.

2. Decrease in money laundering

2. Every transaction you make is recorded.

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.