"Scrap Cash Altogether, Says BoE Chief Economist"

[Deleted]

Nothing ever kills the Black Market. If this happened they'd a) find ways to launder E-Currency, or b) Barter for direct goods/services instead.

Fees is a massive deterrent though. Trading goods around have bigger fees than trading money.

[I Push Buttons]

Have your only measure of currency by a number in a computer that's entirely at the control of the state? What could go wrong?

How would that be any different than now? US currency isn't backed by anything other than what people will trade for it and its regulated by the Fed...

There is only like $1.5 trillion in actual currency floating around anyways...

Meanwhile our GDP is $18 trillion, we have ~$270 trillion in assets, ~$146 trillion in liabilities, etc...

[Tabrotar]

So that you will be more transparent then you already are? And that you will have no way to have some spare money with you if something happend to your phone/whatever they will use to pay? Yeah what could only happen if they get this trough? But at leat here in germany over half of the poeple and even our head of the statebank are against it. Sop just get this on i will lough if you can´t access your money and have no spare cash.

[I Push Buttons]

So that you will be more transparent then you already are? And that you will have no way to have some spare money with you if something happend to your phone/whatever they will use to pay? Yeah what could only happen if they get this trough? But at leat here in germany over half of the poeple and even our head of the statebank are against it. Sop just get this on i will lough if you can´t access your money and have no spare cash.

You can carry cash, but you can't carry a card?

[Deleted]

He proposed a world without cash. “This would preserve the social convention of a state-issued unit of account and medium of exchange, albeit with currency now held in digital rather than physical wallets,” he said.

And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads; that there be given them a mark on their right hand, or upon their forehead.

-Revelations ("The mark of the beast")

[Sengiratolom]

I'd welcome the change, mostly paying with my card anyway, just have +/- 30 euro in my phone case for when i need to pay for something and they do not accept cards. Which is often the case when going out.

Don't like having coins in my pockets tho, certainly not keeping them with my phone, so the key-pocket it is. Some coins are worth less then the metal they are made from.

Would be a bit difficult to implement for clubs tho, multiple people ordering drinks/dancing around can be problematic with plastic payment.

[Deleted]

This will never happen in any major economy, at least not until a completely functional digital equivalent can be found. Cash is just too useful in too many ways.

[xero5141]

With cash comes corruption, so yeah. Get rid of it, the sooner the better. Or at the very least limit it, so you can only use it for very small purchases (<50€/$).

I don't think CASH causes corruption, I'd say money, currency (the power that comes with it) causes corruption. This isn't about getting rid of money, only getting rid of cash. Which, presumably, would work the same way as a bank account where they invest the money you deposit until you need it.

Oh, you have student debt? Coming out of your "account". Have medical bills you can't afford? Sucks.

This is a horrible idea.

[Nitros14]

This is already reality for me. I carry no cash, I pay for everything with debit or credit.

Usually the only people using cash in amounts higher than like $50 are people breaking the law.

[Mistame]

They need to at least keep quarters. Because when I "make it rain", I do it hardcore.

[Karrotlord]

This is already reality for me. I carry no cash, I pay for everything with debit or credit.

Usually the only people using cash in amounts higher than like $50 are people breaking the law.

I haven't had any cash on hand in about a month. Before that I had $10 in my wallet since I don't know when and I don't know why it was there.

[Tabrotar]

I never go anywhere without some cash in my pockets. Why should i do that? To stand in some shops where i can´t pay with my card? And yes we have some shops here where you cannot pay with a card.

[primalmatter]

It would require a massive amount of security that I am not sure exists currently.

In the future I am sure it will happen but I can't see it being that close... 15 years from now yeah maybe.

[Deleted]

Not in my life time I hope. I just dont see it with hacking government databases still being a thing.

[Deleted]

I have personally used cash like 3 or 4 times the past 5 years.

I'm ready for digital money only.

[Canpinter]

id hate not being able to use cash, also would suck for a lot of businesses like food stands and farmers markets and so on

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This is already reality for me. I carry no cash, I pay for everything with debit or credit.

Usually the only people using cash in amounts higher than like $50 are people breaking the law.

many people myself included use cash for everything because we can manage our money better if we actually see it and keep tract of it in out wallet

[Rudkobing]

Too many negatives, not enough positives. Its just nice to be able to have cash when you want to pay for that small purchase, and don't want to use your card.

[Sunseeker]

The only groups such a system benefits are banks. Because once currency goes digital, you'll have no last-resort to keep them from dipping into your money.

[Elegiac]

The only groups such a system benefits are banks. Because once currency goes digital, you'll have no last-resort to keep them from dipping into your money.

I hardly think conspiracy theorists and doomsday preppers are demographics worth noting when it comes to economic policy.

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Too many negatives, not enough positives. Its just nice to be able to have cash when you want to pay for that small purchase, and don't want to use your card.

Nothing precludes you from making a small purchase with a card.

[I Push Buttons]

The only groups such a system benefits are banks. Because once currency goes digital, you'll have no last-resort to keep them from dipping into your money.

Because a run on banks during financial crises is a good thing.

Oh wait.