The Argument for a Cashless Society

Back in 1994, Wu-Tang Clan dropped “C.R.E.A.M.” out of a Greenpoint studio, propelling themselves into legendary status and inserting an important metaphor into the pop culture canon. While the unforgettable sentiments of the song are still relevant today, the syntax may be outdated. These days, money is almost completely digital; according to a new article by Fast Company, only about 10% to 15% of paper money is used in the legal economy. The article, written by Adele Peters, points out Denmark’s potential solution: eliminate paper money. The Danish government already has legislation in place leading toward this point: its central government does not print bills or make coins; many banks have foregone carrying cash; and many adults rely on either credit or debit cards to transact. What’s more, paper tender is often used to hide illicit or secret transactions, and governments often miss out on portions of taxable income because many working-level jobs pay in cash. The question proposed by Peters here is: will countries like the U.S. follow? Peruse the full piece over here and be sure to leave your thoughts below.