The war on cash

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Chapter 6 in Fintech, 2022, pp 105-137 from Edward Elgar Publishing

Abstract: Although the war on cash started, or at least was planned, before the fintech industry acquired the momentum it has now, fintech would be a beneficiary of a triumph over cash and the people who want to hold cash. The involvement of PayPal, a major fintech firm, goes a long way back even though credit card companies were active campaigners and conspirators. Cash has attributes that cannot be matched by a credit card, an electronic wallet or a chip under the skin. In the event of war, civil strife or a natural disaster, those who have cash manage the situation much better than those holding credit cards, electronic wallets, chips under the skin and bitcoin. The option to use cash should never be eliminated, just like the alternative options of paying by credit card, mobile phone or a chip under the skin. The war in cash, low or negative interest rates, and the bail-in legislation constitute an elaborate scheme that will benefit the financial oligarchy.

Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2022
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