Essay on Cashless Society

929 Words Jun 20th, 2009 4 Pages
Throughout history there has been much speculation about a cashless society. With a cashless society in the near future there are many benefits, as well, as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society could only be …show more content…
In the matter of electronic currency, they stand fixed to defend privacy while ignoring the robbers, murderers, thieves, kidnappers, drug dealers, and tax evaders who attack individuals, wreak widespread misery, and, collectively, compromise the pursuit of happiness”.
The reality of a cashless society was created with the development of ETF, electronic transferred funds. As stated by Warwick in the scholarly article, “Toward a cashless society”, “A major step toward cashlessnesscame with the advent of electronic funds transfer (EFT) technology, which ushered in the era of credit-card transactions in the mid-twentieth century. As the use of "plastic"--which subsequently included debit cards--gained momentum, the world seemed bound for complete cashlessness as the end of the century neared”. Now, with the development of ETF’s, many governmental agencies are striving for a smart card/chip that will record all of our essential financial and personal data. With all of our financials being electronically transacted, a cash free society can be viewed by many as boosting the quality of life by reducing cash related crimes. With a cash free society, there would be enormous benefits to many such as the abolishment of cash robberies or any type of cash related crimes, the taxation of the underground economy, the eradication of counterfeiters and the

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