Is the future cashless?


Hi it’s Keir Finlow-Bates here. So, Michael
Creadon mentioned in a post that he thought it was quite likely that paper money would
be long gone by 2100, and I commented on that that I thought that paper money would be gone
in Finland in the next ten to fifteen years. And I got about three comments from people
about that because most of them got the wrong end of the stick: they thought that what I
meant by that is that all paper money will be replaced by cryptocurrency in Finland in
the next ten or fifteen years, which is, I think, not the case. However, one of the things
about Finland is that it’s moved very heavily towards chip-and-pin and using … you know
… just credit cards or debit cards to pay for stuff. In fact there are restaurants in
Tampere which will only accept payment by card, not by cash. And in general I think
governments are quite keen on the idea of us all moving to a cashless society because
of course when it’s all going through the banks then there’s a record of who has bought
what, when, how much they’ve spent, how much they own, and it makes things like checking
up on tax evasion a lot easier and also it makes criminal activity harder, so in general
I imagine that governments will be very very keen for us to move to a cashless society,
and instead moving to using banks and cards in order to pay for everything. As for cryptocurrency,
well I think that that probably in the long run would actually benefit the cryptocurrencies
because if cash disappears there are still going to be cases where people want to effectively
perform cash transactions and they’re not going to be able to make them anymore, and
that will therefore give another opportunity for cryptocurrencies to step in and fill the
gap that governments are carefully trying to remove. Now please understand I’m not making
a moral or philosophical or social judgement here, I’m just calling it as I see it – I’m
not trying to say whether I think these things are good or bad. Personally I actually think
that it’s just the way things go – society changes, governments change and we just get
swept along slowly as the current moves from here to there and somewhere else. Anyway,
that’s my take on cashless society. Hope you found that interesting, see you in the next
video soon. Bye for now.

One thought on “Is the future cashless?”

  1. Well it's a valid thing that you mentioned. Having everything accounted in bank makes taxing easy and criminal activity harder. But privacy goes off. Well what I think is in the future the concept of government will be gone. I understand Government as an administrative organisation of a particular society or community with common mind sets. So definition of tax or criminal activity or anything is relative to this community and all are defined with the objective of development for that community. What I feel is in the future the concept of government disappears if we could handle all in a distributed environment. Communities (or nation) in the world would form dynamically with all like minded people gathering around.

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