Sweden looks to be the guinea pig when going to a cash-free economy according to the New York Times. Cash-Free
Watch for the following impacts:
1 Loss of privacy
2 Increased risk of hacking/loss of funds
3 Marginalizing old people who depend on cash
4 Banks and credit card companies profits increase due to fees
5 Increased debt because easy to use electronic pay systems
6 Increased tracking of individual's location and spending
7 Increased government revenue
Other countries like Australia promise to be cashless by 2022.
The citizens of these cashless economic societies better hope they do not have any significant or extended power outages as they will not be able to purchase the necessities of life!
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