The Pros And Cons Of A Cashless Society

The fact that banks control 97% of the world's money supply makes them a vital institution. Banks are the engine of our modern financial system and a source for economic growth. The bank's ability to create credit can have destructive effects; the Great Depression of 1929 and the Great Recession of 2008. In both cases, banks spurred on an asset bubble through overextending credit to aid the purchase of assets. The result was an economic collapse that wiped out wealth and reduced credit creation which stalled productive investments. The lessons of the two great economic collapse support the notion proposed by the author, that bank credit for transactions that do not contribute to the economy should be restricted.

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The purpose of this research is to look at the state and evolution of competition within financial services, from a very high level. To understand what has required to succeed in financial services, researching the history of finance and money itself was necessary. Using safety and accessibility as the two main factors for a form of currency to be chosen over another one – and by extension these factors apply to financial services – allowed to assess the ability of each innovation trend to be truly disruptive.

Each student is to select research question related to money and banking and develop a well written paper that provides insight into the topic. The goal is to obtain a better understanding of the topic, while relating the identified topic or concept with real world scenarios.

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

You inherit $20,000 and put it in the bank, a few years later, you go to withdraw it all, but the bank teller isn’t asking what size bills you want. Instead, they are busy worrying about the currency transaction report (CTR) that they have to submit to the government for every financial institution transaction of $10,000 or more. Uncle Sam wants to know where it came from and what you’re doing with it first, and if you lie? Go directly to jail, do not collect . . . No, this isn’t Russia or the People’s Republic of China, its right here in the good ol’ U.S.A.!

Whether a reader agrees or disagrees with how the centralized banking system was created, the foundation for which it was built off of has continued to grow over a century with key fundamentals still in place today. The author’s implications demonstrate that an economists, the intellectuals, were responsible for the banking reform that led to a structured banking system. Could this all have been possible without the influence of the economists? In my opinion, the author has provided enough evidence that would allow the reader to properly analyze and have confidence in the integrity of the article.

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

The text "Out of Control", by Kevin Kelly, is an exciting description of the future as seen by the author, a journalist and optimistic technologist. The predictions presented must certainly be taken as entertaining reading that are intended to inspire visions of the future. The predictions of Kelly have already proven to be inaccurate in the four years since publication. The most glaring example of this is electronic commerce. Canada is quickly becoming a leader in electronic commerce, through online banking and direct payment purchases. The coming cashless society presents several opportunities and problems that were not previously available in the paper money world.

Ross then talks about the codification of money and markets. Money has been our primary physical entity of currency, but in the past half century the modern financial system has designed a series of conveniences that have allowed people to move away from physical cash. Today citizens have Atm machines, credit cards, debit cards that allowed people to bypass the bank teller to access cash. Although this may be true, it made public's money unsafe and vulnerable to hackers and credit frauds.

Although they are such small slips of paper and lumps of metal, they are highly valued in the eyes of society. In the United States and all around the world, money plays a powerful role in the lives of many. Nevertheless, money comes in many different forms: the European euro, the Indian rupee, the Chinese yuan, the Swiss franc, and the list continues on. Of course, in America, the United States dollar is most often used. As a major form of currency, the United States dollar can be used to purchase nearly anything as long as the buyer has enough of it. Ever since 1862, “greenbacks” have been used as legal tender in this country (“From the Colonies”), but coins have been officially part of the country’s monetary system since the Coinage Act

The breakdown of the U.S. monetary and money related framework quickened for the current year, in this manner pushing the nation more into third-world status. Most Americans are unconscious of the desperate situation confronting the country, so they keep on believing the same old thing will proceed inconclusively. Sadly, outright lies being reporting by the mainstream media alongside general society 's foreswearing and whimsical speculation is a formula for catastrophe for most Americans that will last quite a long while.

Throughout history there has been much speculation about a cashless society. With a cashless society in the near future there are many benefits, as well, as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society could only be

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

The recent cashless policy of the Central Bank of Nigeria CBN has generated mixed reactions, controversies and public debates over the citizens’ preparedness and relevance of the policy. For1 instance, public argument on the one hand is that banking services in Nigeria are faced with low penetration, financial exclusion and poor infrastructure. Notwithstanding, the CBN has made it known that there is no going back on the policy because of the enormous challenges and cost associated with the cash based system, Clearly, according to the CBN governor, the policy is aimed at reducing the cost of cash management which was estimated at N114.5 billion in 2009 and