This term we are making a debate and i'm doing it about becoming a cash less society
Why should we become a cashless society and move to electronic cash
Pros Cons
In “The Curse of Cash”, published on
August 16th, Kenneth Rogoff makes the case for gradually getting rid of most paper currency. |
It certainly has benefits, he admits,
but these are outweighed by the costs associated with its murky side. |
The same virtue that provides the
ability to pay for a self-indulgent treat or a naughty service without its appearing on bank records or credit-card statements also allows criminals to fund their activities and tax-dodgers to avoid levies. | |
Let’s say your house get’s set on fire with a
jar of 13,00 dollars in it and you don’t have insurance.
That is unlikely.
According to Mr Rogoff, the bulk of the
rich world’s currency supply is used to facilitate tax evasion and illegal activities such as human trafficking and financing terrorism |
The record $1.4 trillion
circulating outside of banks in dollars alone, mostly in high-denomination bills, might suggest that every four-person American family has $13,600 in $100 bills stashed in a jam jar |
That is unlikely. According to Mr Rogoff,
the bulk of the rich world’s currency supply is used to facilitate tax evasion and illegal activities such as human trafficking and financing terrorism
Your bank can track your money and
no exactly how much you have and it would stop people from committing crime that is listed above | |
And as shopkeepers and businesses
in relatively cash-light countries such as Sweden are discovering, there are other real benefits to preferring electronic payments over cash, including security, lower costs, hygiene and convenience, for both business and customer. |
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