to use the digital medium to transact. That is a loss of financial freedom and will get opposition from the masses. Cashless money exists in the form of digits on a computer. A culture of tax evasion is prevalent and cheating the government is considered to be a smart move. As should be obvious from the over that cashless economy has focal points and in addition inconveniences and any administration considering embracing cashless economy model ought to precisely examine the benefits and negative marks and after that take the choice as the cashless economy cant. In addition, a cashless economy cuts down on the number of people who arent paying their taxes.
Fewer Currency Notes in Circulation, simply put, a cashless economy is where fewer notes exist in circulation as compared to the money supply. This excess saving can be used to provide tax waivers to the people.
Countries like India have borne the brunt of this problem. It is still the prerogative a few economists and academicians. The closer an economy is towards this goal, the more successful it is considered. Since they are not really educated, they can easily fall prey to rumors. Y Universitat de Girona, Departament d Economia i Empresa, Campus de Montilivi, 17071 Girona, Spain; Tel: ; Fax: ;. If youd like to know more about the issue so that you can decide what side youre on, here are the pros and cons of a cashless economy. Universitat Autnoma de Barcelona, Departament d Economia Aplicada, Edici B, 08193 Bellaterra, Barcelona, Spain; Tel: ; Fax: ; 1 1, introduction.
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Management Study Guide Content Team. A perfect 0 will never be achieved. Extending Credit to the Unworthy, the last problem with providing credit cards to farmers and poor in India is that they may not deserve the credit. In that regard, a cashless economy can be seen as a loss of freedom. If payment cant be made, people will have trouble making purchases and paying bills. For the nation to truly benefit, more people must pay taxes. Only 10 million people lay taxes out of 120 billion! In this article, we will list down the pros and cons of this cashless economy. This is especially true in developing nations where a cashless economy would be most helpful.