|University||Trinity College Dublin (TCD)|
|Subject||ECU33022: Money and Banking B|
Q1. The Future of Cash:
“Cash is still King despite recent advances in technologies”.
In June 2021, Fabio Panetta (Member of the Executive Board of the ECB) started his speech to the Deutsche Bundesbank’s conference on cash as follows:
‘Even before the pandemic, the future of cash was being discussed as the use of digital payments accelerated. But the pandemic has raised the volume of that debate significantly. It has sped up the digitalization of our economy – by seven years, according to a recent estimate – and led to new consumer behaviors. This, in turn, has led to renewed questions about whether cash has a future in the digital economy.
The debate about a ‘cashless society’ has been ongoing for several years. A Bloomberg article – “The End of Cash” – in December 4 2017 stated the following:
“Economists see great payoffs in a cashless society: lower transaction costs, new tools to manage economic growth and an end to tax evasion and money laundering. Critics see an erosion of privacy, frightening new powers for tyrants and an increase in inequality”.
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