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Essay On Cashless Society

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FEASIBILITY
In the previous sections of this chapter there is the description of what is a cashless society, why we need it and what are its advantages and drawbacks that can be overcame. The next step is to understand how can be possible to become a cashless economy and what society and governments must do in order to grow into one. The objectives are, as stated earlier on, to get in the way of criminals obstructing them from carrying out large anonymous transactions through shortages of cash and gaining tax revenues that would not be collected if paper currency was still available. The transaction toward a cashless economy needs to be slow so that everyone can become accustomed to that and it will not be too much of a shock. Inclusion, also, …show more content…

Indeed individual’s privacy rights are an issue which goes beyond the phasing out of paper currency. Governments already keep track of our smartphones and e-mails, track us via GPS receivers in our cars and mobile phones and security cameras, that are present in every big city nowadays. Nevertheless government is not the only body gathering individual’s information, there are also mobile network operators and social networks. The latter especially is believed to sell details and information about its users. That being said, the government could design a financial system in which transactions are anonymous for individuals and one which has some constraints for the government in terms of enter information. In some countries for instance tax information is protected from other governments, so this could be extended to normal accounts putting a ceiling on the value nestable. Another system as anticipated earlier could be a pseudonyms system, which would be able to grant privacy but not anonymity. It could be achieved through a well-structured system of pseudonyms so to disclose the minimum information possible but still being able to track down transactions if there is the need to. Along these lines it is feasible to create a system including anonymous, pseudonymous and known transactions involving electronic money, not having the same characteristics of cash but being a new appropriate

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