3 ms·
headline is a bit overblown compared to the conclusion of the text. > no longer a utopia was it ever? who ever claimed it was a "utopia"? main points: - If
by platz 8y ago
headline is a bit overblown compared to the conclusion of the text.
> no longer a utopia
was it ever? who ever claimed it was a "utopia"?
main points:
- If cash stops working, it would leave all individuals to rely on the private sector alone to get access to money and payment methods.
* One option is to do nothing, meaning we accept that the general public no longer has access to central bank money.
* A second alternative is to issue central bank money in a digital form, as a complement to cash and the money held in bank accounts.
seems like they've been thinking about this for a while
- mostlydefinite 8y agoThere's an alternative to relying on the private sector, which is for cash to be replaced with credit notes. The Irish bank strikes of the early 70s is a nice case study of this happening [1]. I've recently been thinking about a potential solution to the reliance on private institutions in a cashless society. I guess the problem with a "mobile chequebook" or something of the sort is that you are always to some extent dependent on a private service (e.g. phone signal provider). [1]https://en.wikipedia.org/wiki/Irish_bank_strikes_(1966%E2%80%9376) https://en.wikipedia.org/wiki/Irish_bank_strikes_(1966%E2%80...