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This is a very western mentality. There are people in northern Vietnam who store their savings as gold embedded in their teeth. They are effectively "cashless"

This is a very western mentality. There are people in northern Vietnam who store their savings as gold embedded in their teeth. They are effectively "cashless" as many of their other "transactions" are done through barter of goods. At the same time, these people have smartphones and 5G internet. Should they continue on with the way they are living or can we trustlessly digitize their experience in a way that gives them more security and decisions over their own funds?

ljosifov 3y ago
In the context of that interview - cash is paper notes (and coins) issued by national Central Bank (named "Tier 1 money, public money"). Then there is electronic balances held by the Commercial banks (named "Tier 2 money, private money") that is convertible to the "Tier 1". (there is also "Tier 3 money" like Paypal and so on) So in this context "cashless" means "without the existing Tier 1 money" and issuing electronic balances as Tier 1 that replace existing notes (that get retired). Given that China, India, Brazil, countries in Africa etc all have the same (Fiat) money system - not sure in what way this is "western" or "mentality" TBH.
- gala8y 3y ago
  > Many people around the world are already living in a cashless society. Also, you just stated the fact, so there is no 'mentality' to it, I believe.