This is for my EPQ and it would be intresting to see if people have any ideas or opinions on this topic.
no, cash economy allows people to employ under the minimum wage individuals without reporting it to the gov. Cashless system would increase
whats the alternative?
inb4 muhhh bitcoin
> 16k -> 3k in the span of 11 months. imagine what would happen to our economy if that was our main currency
Do you mean the removal of physical cash and 100% use of digital payments? Or the removal of currency as we know it?
(Original post by Yr_11_MATHS)
It just simply wouldn't work. Money is the incentive for producers to produce goods and for workers to keep their jobs. Without money, no one would care if the economy f**cked up, no one will work properly and would rather sit on their arses and do nothing
I presume the question regards cashless with respect to removing coins and notes from circulation, not cashless asin abolishing all narrow money!
Some thoughts I’d like to add. Consider the privacy aspect of a cashless system where all transactions are recorded. On one hand, it could prevent black markets etc. but does it just take away an aspect of personal liberty? Could recorded transactions and movement of money give more control to banks and corporations in the way of data in what we spend - is this trusted?
Also, assuming cashless means we use banks , can we fully trust banks? Would a cashless system make banks more inclined to make risks as they know people won’t suddenly withdraw if they lose confidence? But equally, banking and financial services generate vast sums of revenues and thus a cashless society may ensue more profit from the money held in banks.
A lot of questions, but just some thoughts that I’d consider.
Last edited by MrMoment; 1 month ago
No, there should always be several options
I still carry cash as a back up. it should never go cashless
There should be several other options to choose from and to accommodate a range of payment preferences.
Relying solely on cashless has functionality, security, privacy and accessibility implications.
Hackers and cyber fraudsters would be delighted if a purely digital money system was introduced.