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Is a Cashless Society Problematic?

Monday, November 25, 2019   (0 Comments)
Posted by: Heather Miller

The Bank of Canada analyses the implications of the abandonment of the use of cash in the future. The paper considers the variety of ways in which the emergence of a cashless society could affect key concerns of a central bank, including seigniorage, monetary policy, payments and financial stability concerns. The paper indicates a cashless society would not generally cause material, system-wide problems. There are a few areas however where concerns could emerge: the maintenance of both operational reliability and contestability in retail payments, and the provision of a safe store of value in an extreme financial crisis. Policy options are suggested to address potential concerns. Additionally, the paper includes a wide range of statistics by various countries ranging from prevalence of cash, number and value cash transactions, prevalence of payment types, infrastructure access and much, much more. 

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