A little observation showed me: The end of cash is not far off

The Plan for the abolition of the cash is ready. Designed by the Nobel prize-winning Economist Kenneth Rogoff has it. According to him, there are three importan

A little observation showed me: The end of cash is not far off

The Plan for the abolition of the cash is ready. Designed by the Nobel prize-winning Economist Kenneth Rogoff has it. According to him, there are three important points, the cash to abolish virtually.

  • the end of the paper money (a process that can take decades) is important
  • poorer people will get a Bank account ("financial inclusion").
  • It needs to be developed a technology for payment in real-time. The money must be transferred as a bill from one Hand to the other moves. In the end, only coins, which are intended to ensure a Minimum of privacy remained.
  • Rogoff's called plausible reasons why the cash should be abolished. Tax evasion becomes difficult when everything can be paid only digital, and thus verifiable, money laundering and terrorism as well and also in a business could be without the cash crisis, high penalty interest rates by pressing. If Bank customers can withdraw their money and stored up at home, you have no choice but to pay the fee for their Savings – or to strengthen it to spend and thus the economy.

    critics see something different. They warn of an end to the anonymity, when every transaction is visible. They are afraid of the total control and Exclude the savers by high penalty rates, against which they cannot defend themselves.

    of The 500-Euro note is already

    Also abolished when politicians assert, that no one wants to abolish the cash is also the point of view of some professors and book authors, the conspiracy of banks, credit card providers, Central banks and governments is already in full swing. A note: In India, the 2016 Notes, virtually overnight, were declared invalid. Other: Also in 2016, the ECB abolished the 500-Euro note – and in the meantime, the end of the 200-Euro is even a note in the discussion. A third note: In more and more countries, the upper limits will be introduced for paying with cash. This fits in with that of the anonymous purchase of Gold should be more difficult.

    I haven't given a lot of it. I would like to have it when you Pay for especially like just. Cash is for me the security that I can pay for it then, if a business offers no card payment. Bakeries, for example. Paying small amounts for me was always an Argument as to why it is even more the cash will be. Who's got two rolls and a Croissant on his card?

    Even small amounts can now be cashless

    But that is exactly why I've become a little bit thoughtful. Because at least in Munich, where I live, have felt the same time, many bakeries cashless payment is introduced. Suddenly, a map is included on each counter reading device. Now I can pay 80 cents that cost me two cakes, with map.

    another observation made me wonder: a Lot of subway toilets are to your (much needed) renovation fee. But no one has to search for Cent coins in your wallet. Here, too, the Pay with card. Just hang up, withdraw and the door opens.

    And what is happening to Wangerooge? The Volksbank Jever wants to provide small coins on the North sea island of, because it is too expensive. The shops are round instead their prices in order to make 1 -, 2 - and 5-Cent coins superfluous or card payment offer. Bank's Board of Directors, Martin a pity the forest is hoped that the attempt to Wangerooge school. "It could also be a project to make the island completely cashless," he said, according to a report by the news Agency dpa.

    Be prepared for a ban?

    these Are all evidence of a great conspiracy? Is actually working in the Background to abolition of cash? Who is aware of it, might actually get this idea that everything here is prepared for a ban.

    Also, I'm not my thoughts – but because I believe in dark machinations. It is not necessary to ban cash. It is on the way to be a victim of the digitization. Also, when you Pay for it like the people just. And it is much more convenient to just pull out his credit card or his Smartphone than to search the purse for the right coins.

    Generally speaking, the Germans are still hanging on to your cash. Three-quarters of all transactions, mostly smaller amounts, to be paid in cash, according to a study by the Bundesbank in 2017. However, the sales for cash, with 48 per cent for the first time less than cashless.

    The Younger no longer hang on to the cash

    if you Look at the age distribution, it is also bad for the cash: In a survey conducted by the ING every second of those 18 to 24 was the barely - Year-old that he still hangs on to the cash. In the group of 25 - to 34-Year-old, it was only just under 40 per cent. Only from 35 years and upwards the trailer of the notes and coins are in the Majority. "The parting of the cash comes on quiet soles", summed up the ING the investigation.

    However, even if the cash is slowly disappearing, does not mean that the gloomy prophecies come true. Doom-prophets underestimate regularly, the innovation and adaptability of people. Your imagination is almost limitless, if you describe what threatens us all. But when it comes to Alternative thoughts, you are amazingly unimaginative.

    Us is not a surveillance state

    is Perhaps crypto-currencies will experience a strong feed, you should actually get penalties in high altitude. Perhaps the savers to invest their money in innovative financial products that promise a high level of security. Maybe there is a smarter inventor in Silicon Valley, which comes up with an idea that we haven't guessed at all. What is certain is that Where there is a need, there will be an offer. You should have some confidence in the future.

    Update: Euro-States want more coins in the billion value

    produce, in Spite of cashless payment options with card or Smartphone want to bring the Euro countries in the year 2020 Euro coins in great style in circulation. The European Central Bank (ECB) approved as in the previous year, the production of Coins in the total volume of some 2.1 billion euros, including collector coins.

    most of The pieces of money also wants to produce in 2020 in Germany. To 621 million euros, the volume of which 209 million euros, for collectors, is in Europe's largest economy. The ECB sets a year on the basis of the 19 Euro area countries reported demand for an upper limit for the total volume of the coins. In this framework, the countries can then have the money pieces to shape.

    Controversial 1 - and 2-Cent coins are especially. Many consumers find them annoying. Despite the criticism of the copper-plated small money to be produced in terms of number of pieces - most small coins. In the year 2018, the Euro-countries from the gifts according to recent data, approximately 3.4 billion 1-Cent coins and 2 Cent pieces.

    For comparison: 1-Euro coin 2-Euro coin were minted 1.5 billion Times. It is estimated that about two-thirds of the small coins will be lost or end up in saving pigs. Therefore, 1 - and 2-Cent pieces stamped, whereby the circulation increases arithmetically.

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    Updated Date: 10 January 2020, 01:01

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