why a cashless society is bad - MARKETS
The National on MSN: As Dubai's property sector moves towards tokenisation, what could a cashless society look like? As Dubai's property sector moves towards tokenisation, what could a cashless society look like? In developed countries, a cashless society will deliver transactions that are seamless, frictionless and low-cost.
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And in developing nations, it could deliver life-changing socio-economic benefits. This easily accessible exchange of value will create a more equal world, and strengthen the bond between people, regardless of where they live. As money gets more digital, we must recognize that barriers to a cashless society remain. Here's what to consider as digital currency becomes more common.
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These scenarios are swiftly becoming reality in countries leading the shift towards a cashless future. But an independent report on cash use published in the UK finds that the rush to embrace digital payments risks leaving people behind, especially the most vulnerable in society. The cashless society is not a particularly new idea. It has generally been held up as an example of the positive march of progress, with some of the most influential names in global economics pointing out its potential benefits. But there may also be downsides, and one UK study has warned that “sleep-walking” into becoming a cashless society could leave millions of people financially ...
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Is a cashless society an inclusive one? People's demand for cash is still widespread across Asia, especially from the perspective of inclusive finance and consumer protection. For instance, in many cities across China, it has become increasingly difficult to hail and pay for a taxi, buy groceries, or even settle a bill without mobile payments. A cashless society is on the horizon in Japan, as the government introduces a system for paying salaries digitally – without going through bank accounts.