Can we live without cash?

Cash is a lot more than just notes and coins

Have you found yourself rubbing your eyes with surprise while reading the financial section of your daily newspaper in recent weeks? A number of renowned economists are demanding an end to physical currency. In lectures, Kenneth Rogoff – Professor of Economics at Harvard University and one of the most respected and widely cited economists of our time – has long been proposing the end of banknotes and coins. And Peter Bofinger, a member of the German Council of Experts of the Federal Government, has also recently expressed his support of the idea. A number of countries have actually started taking steps in this direction. Denmark is one example: petrol stations and shops are allowed to refuse to accept cash payments under certain circumstances. ….[READ]

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