Future without cash: the advantages and disadvantages
Steve Hoffmann explains: Cashless Society may seem like something out of science fiction, but we are already on the way. Several powerful forces are behind the move to a cashless world, including governments and large financial service companies. But we are not there yet. In addition to logistical challenges, we need to address several social issues before giving up money entirely. The benefits and drawbacks below can give you an idea of the myriad effects that cashless can have on money and banking, as you know it. Benefits of cashless society Less crime : With traditional system, it is relatively easy to steal cash, whether the amount is large or small. In addition, illegal transactions (drug trafficking, for example) usually take place in cash, so that there is no record of the transaction. Money monitoring : It is more difficult to hide income and evade taxes when there is a record of every payment you receive. Money laundering becomes much m...