Cashless future ahead? Utopian digital dream with dystopian inequality

Cashless future ahead? Utopian digital dream with dystopian inequality

Cashless future ahead? Utopian digital dream with dystopian inequality

In Sweden, cash in circulation represents only 1% of the country’s gross domestic product, and some experts predict the nation will go “totally cashless” by 2023. In China’s largest cities, over 90% of people use WeChat Pay and Alipay as their primary payment method, with cash a distant second.

It may seem that the transition to a world without paper banknotes and metal coins is inevitable, but this week, a survey reminded us that reports of hard cash’s death may be greatly exaggerated. The study by Genesis Mining, titled “Perceptions and Understanding of Money 2020,” reports that 60% of Americans are opposed to the idea of paper money being replaced with digital-only money. “Americans are not psyched about parting with their paper money on a permanent basis,” commented Genesis CEO Marco Streng.

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