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Cash Abolition. Opportunities and Risks on an International Level

Title: Cash Abolition. Opportunities and Risks on an International Level

Bachelor Thesis , 2016 , 51 Pages , Grade: 2,0

Autor:in: Sebastian Bergmann (Author)

Economics - Monetary theory and policy
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Summary Excerpt Details

Cash has been an important basis for economic transactions between companies and consumers for centuries. Contracts for the purchase or sale of goods and services are concluded and settled via payments. Despite differences in payment behavior, banknotes and coins are a widely used means of payment across continents. As such, cash is a basic prerequisite for economic prosperity. Nevertheless, its continued existence has been called into question for some time by a number of renowned economic players. According to them, abolishing cash would, among other things, reduce organized crime and increase the scope of action of central banks.

Abolishing cash would make people in today's networked society even more transparent and controllable for various companies and states. Bergmann looks at the opportunities and risks of abolishing cash and refers to economists and economic actors such as Peter Bofinger and Kenneth Rogoff in this publication.

Excerpt


Inhaltsverzeichnis (Table of Contents)

  • Introduction
  • Basics of cash
    • Origin of cash
    • Definition of book money
    • Functions of cash
    • Advantages and disadvantages of cash
  • Current worldwide developments
    • Current debates in the European Union
      • Discussion on the abolition of larger banknotes and small coins
      • Introduction of cash payment caps
    • Important information in an international context
  • Opportunities and goals of a cash abolition
    • Officially stated reasons
      • Organised crime (such as terrorism, drug trafficking and money laundering)
      • Undeclared work and tax evasion
      • Cost savings
      • Other Benefits
    • Possible unofficial reasons and backgrounds
      • Enforceability of negative interest rates
      • Boosting consumption
  • Requirements for a possible abolition of cash
  • Possible risks and side effects of cash abolition
    • Emergence of shadow currencies
    • Restriction of citizens' freedom
    • Security risks of cashless payment systems
    • Self-control and consumer behaviour of citizens
  • Alternatives to cash
    • Pure bank money - Digital payment systems using the example of mobile payment
    • The sovereign money initiative in Switzerland
    • Virtual currencies using the example of Bitcoins
  • Future role of cash as a means of payment

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This paper explores the theoretical possibility of abolishing cash and its potential impact on the global economy and finance. The author examines the arguments for and against abolishing cash, focusing on the potential benefits, such as reducing organized crime and increasing central bank control, as well as the associated risks, such as increased vulnerability to digital security threats and limitations on individual freedom. The study also analyzes the potential for alternative payment systems to replace cash, including mobile payment and virtual currencies.

  • The impact of abolishing cash on economic trade and finance
  • The potential benefits and drawbacks of a cashless society
  • The role of alternative payment systems, such as mobile payment and virtual currencies
  • The implications for individual freedom and security in a cashless society
  • The future role of cash in the global economy

Zusammenfassung der Kapitel (Chapter Summaries)

The first chapter introduces the concept of abolishing cash, outlining the potential objectives and challenges involved. Chapter 2 delves into the fundamentals of cash, exploring its origins, definition, functions, and advantages and disadvantages. Chapter 3 examines current global trends in cash usage, particularly focusing on developments in the European Union and international contexts. Chapter 4 analyzes the potential opportunities and goals of abolishing cash, exploring both the officially stated reasons and possible unofficial motives. Chapter 5 outlines the requirements that would need to be met to enable the abolition of cash, while Chapter 6 discusses potential risks and side effects associated with a cashless society. Chapter 7 presents alternative payment systems to cash, such as mobile payment and virtual currencies, exploring their potential to replace traditional cash transactions. The paper concludes with a discussion of the future role of cash in the global economy.

Schlüsselwörter (Keywords)

This paper explores the concept of abolishing cash, examining the potential impact on economic trade and finance. Key themes include the benefits and risks associated with a cashless society, the role of alternative payment systems, and the future of cash in a digital age. The work delves into concepts such as organized crime, tax evasion, negative interest rates, digital security, and the implications for individual freedom in a cashless society.

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Details

Title
Cash Abolition. Opportunities and Risks on an International Level
College
University of Applied Sciences - Bonn
Grade
2,0
Author
Sebastian Bergmann (Author)
Publication Year
2016
Pages
51
Catalog Number
V1189862
ISBN (PDF)
9783346606679
Language
English
Tags
cash abolition opportunities risks international level
Product Safety
GRIN Publishing GmbH
Quote paper
Sebastian Bergmann (Author), 2016, Cash Abolition. Opportunities and Risks on an International Level, Munich, GRIN Verlag, https://www.grin.com/document/1189862
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