Cashless Society

in LeoFinance3 months ago

My first childhood memory of the concept of money includes visiting a small local grocery store with my dad: I was so baffled how come dad gave the cashier a single banknote and received three or four in return!

It’s a funny example of a child’s ignorance but that visual imprint was a stepping stone for me to understand how the monetary system works. Today, many western kids never have that experience when purchases are done with a card, on a mobile tap or even a smart-watch tap.

Cashless Payment

Cash is going out of use and we have countries that are very close to being completely cash-free – Sweden, for example, is banning the use of cash by March 24th 2023. In general, cash is already a no-go in many Western countries. A scrutiny of 20 euro and above bills in the shops and at the gas stations is no surprise.

I learned just recently that Sweden was the first country in Europe to introduce banknotes back in 1661. The Swedes also had the second automatic cash machine installed in the world in 1967, one week after the first started operating in London. The transition from being the first adopter of banknotes to the first adopter of fully electronic economy will have taken exactly 362 years.

Covid crisis dramatically increased the transition to online purchases but that doesn’t necessarily mean electronic payments. For example: here in Egypt, 55% of online purchases were still paid in cash upon delivery last year. The baker on the corner where I sometimes buy a sandwich keeps all the banknotes mixed up and scattered in a drawer right under his prep desk. Forget about a POS machine or even a receipt. It will take some time for all the countries to reach the level of Sweden, unless we’re in for a major global transition – which might just be the case.

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I am suspicious of the flight from cash in concert with the ever-growing surveillance state.

I agree but I think surveillance state is keeping an eye even with cash... and in the end, if you have nothing to hide, why worry?

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If you have nothing to hide, why do they want to monitor everything? And how do you know you have nothing to hide when there are so many laws, regulations, bureaucratic dictates, etc? We don't have a political system that treats us as free people.

Good point.

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I went through currency changes and saw notes being created.

The younger ones will no longer go through this and it is even difficult to explain that this happened.

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That's interesting, I was too young to remember that stage.

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Ah Sweden is taking the big leap, they must be ahead in usage and security as well. Thats nice to see

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I am not excited about a cashless society at all. Cash gives some sort of privacy to some extent while a cashless society doesn't. From what I heard, in Sweden if you simply receive money from someone like bank account to bank account you almost instantly get a notification from the bank asking you about the money. Governments will be much more in control of their people once they manage to ditch cash.

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