Switching to digital money risks shutting out some of the most vulnerable members of society, says Bloomberg Opinion's Lionel Laurent.
. Homeless people may accept cards, but pensioners and refugees can be shut out by a cashless world. This goes hand-in-hand with the “computer says no” problem.
Vulnerability is another issue. We might feel safer with fewer banknotes in our pockets late at night, butand conjured up new types of fraud. Transaction data is increasingly in the hands of Big Tech conglomerates like Meta Platforms, which spooked global regulators when it tried to launch its own currency.
One answer may be to fight to protect cash rather than replace it, as powerfully argued in Cloud Money by author Brett Scott. But this is no panacea: Our march towards cashless payments isn’t going to suddenly stop. Hence why one potential answer is a central bank issued digital currency. Such a move shouldn’t be undertaken lightly: It could increase traceability and complexity, and create new risks if it competes with commercial banks, as my colleague Marcus Ashworth argues.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Influencer applauded for refusing to swap seats so family can sit together on flight‘No I’m not switching for a middle seat, book your flights earlier babes,’ she wrote
Read more »
Commentary: How Singapore can tackle the growing spectre of teen terrorismThree recent cases of self-radicalisation among Singaporean youths have rejuvenated concerns on the issue of online youth self-radicalisation and whether this trend is perhaps accelerating.
Read more »
Commentary: Make ‘cai fan’ great again by making pricing more transparentEconomy rice is expected to be affordable, especially amid inflation and rising cost of living. There’s a simple way for hawkers and customers to avoid the rude shocks of unexpectedly expensive ‘cai fan’, says Singapore University of Social Sciences’ Lau Kong Cheen.
Read more »
Commentary: International students from China risk being scapegoats for Australia’s housing crisisThere are negative sentiments towards international students in Australia, with some claiming these students threaten local housing security, says this academic.
Read more »
Commentary: How will voters swing in Indonesia’s 2024 general elections?Gen Zs, millennials, TikTok and climate change: It’s going to be a numbers game for next year’s Indonesian presidential candidates, says an observer.
Read more »
Commentary: Can Macao bet on tourism and gambling for economic recovery?Macao’s daily visitor numbers have increased significantly since zero-COVID measures were lifted, but the reopening of international borders could lure Chinese tourists further afield, say researchers.
Read more »