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A World without Cash

"Cash" (CC BY 2.0) by BlatantWorld.com

Will physical currency be abolished? Modern banknotes came into use in the 17th century in Europe. This can explain why the use of paper money and coins is deeply rooted in people's mindsets. Just one example: by end 2014 it was estimated that more than 7 billion € 50 banknotes were in circulation (Fig.ECB). Today, the idea of abolishing cash may seem remote or utopian. And yet, just to provide another example, in 2014 non cash payments in the UK economy overtook cash for the first time (Fib.Bloomberg). Of course, we can now pay with our mobile phones, with contactless cards or via websites. And the use of the existing technology can undoubtedly make everyday life easier. However, the debate lies elsewhere. Those who want to ban the use of cash highlight the fight against crime, terrorism or tax evasion. But these arguments are not overly convincing. For indeed, organized crime, fanatical terrorism or tax evaders will continue their activities even without cash. Those combating the abolition of cash stress very emphatically that cash is a matter of freedom. Abolishing currency would create an excessive risk of intrusion by the governments into our privacy. For the latter, the use of only digital payment clearly means that insurance companies, banks, public administrations, governments etc.. will know everything about how we spend our money and where. The choice between these 2 options is not straightforward. But as things stand, the current status quo seems reasonable: each individual should be free to use all existing cutting-edge technologies even to pay his loaf of bread; but each individual should also be free to cover his daily expenses in cash!

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