The idea of a cashless society is one of the topics that stirs up a heated debate when it comes to the digitalization of banking and society. On one hand, physical cash is the common denominator for corruption, tax evasion, money laundering and other various illegal activities.
While the anonymity of cash acts as an enabler for the illegal economy, many fear that the lack of said anonymity will inevitably lead to an Orwellian society where individual freedom is limited.
But at the same time, the amount of cash being issued is growing. The obvious explanation is inflation. However, the increase has exceeded inflation — with a good margin. According to economist and author Kenneth Rogoff, the world is drowning in cash, and it is making us poorer and less safe.
He argues in his book The Curse of Cash that this phenomenon is not an American phenomenon, but also the case for every other widely used currency — and the primary explanation is that cash is the preferred means of value exchange in the black-market economy.
Phase out the larger bills. This is because cash is barely used in Scandinavia. The Scandinavian countries also rank among the least corrupt and most transparent in nordic exchange bitcoin for gift card world. Nordic exchange bitcoin for gift card with numerous benefits, there are nordic exchange bitcoin for gift card concerns regarding eliminating cash altogether. Cash also has the ability to constrain monetary policies by counteracting negative interest rates.
While this is perceived as a negative trait of cash by central banks and governments, many individuals perceive cash as a nordic exchange bitcoin for gift card valve that empowers citizens against an omnipotent central bank and government. Getting rid of cash will not turn our society into an Orwellian dystopia overnight, but these concerns should act as a precaution that once we go fully cashless, it has the possibility of giving authorities the necessary tools to gain unprecedented control over their citizens.
While some reject the idea of a digital representation of a national currency that ensures anonymity, the Norwegian central bank is investigating this possibility. If one were to replace physical cash with an electronic representation, the best option is a fully decentralized blockchain that ensures that every individual has full sovereignty of their own means as well as anonymity if they choose.
In a blockchain system, funds are held in addresses and users have keys nordic exchange bitcoin for gift card those addresses, thereby giving them control of those funds. This is, however, easier said than done. Even though blockchain technology is decentralized without any central authority in theory, the truth is somewhere between theory and implementation. Although getting rid of physical cash seems like a good idea from a crime prevention perspective, the potential unforeseen consequences should not be treated lightly.
The needs of the many should always outweigh the needs of the few. Cash may no longer be king, but we should not abandon cash without having some sort of decentralized safety valve that ensures individual freedom. We should not abandon cash without having some sort of decentralized safety valve that ensures individual freedom.
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