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Dave Beans

Denmark To Scrap Obligation For Retailers To Accept Cash

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Bet the rest of the worlds goverments will follow this model as soon as they can - it guarantees them 100% taxation, no more bank runs, bail-ins and more power over you.

Something else would be used in the underground economy - gold?

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Bet the rest of the worlds goverments will follow this model as soon as they can - it guarantees them 100% taxation, no more bank runs, bail-ins and more power over you.

Something else would be used in the underground economy - gold?

Or those shops that know their customers like to pay cash will still take cash, giving them a possible competitive edge over other retailers (Lidl / Aldi, for instance).

This move doesn't make it obligatory to use cards, it just removes the obligation for shops to accept cash.

The decision to accept / refuse cash then becomes a commercial one.

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hmm, where is the absolute method of settlement of debt?...gone.

ID fraud becomes a real threat in that society...although I understand only 50 people actually live there.

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The article is misleading with its stats to come to a conclusion.

It says already a third of its citizens use a payment app.

I guess you could say 99% of UK citizens already use debit and credit cards, thus cash has already all but disappeared.

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The article is misleading with its stats to come to a conclusion.

It says already a third of its citizens use a payment app.

I guess you could say 99% of UK citizens already use debit and credit cards, thus cash has already all but disappeared.

But do they only use debit and credit cards? Anecdotally, I use both, but I also use a fair bit of cash, particularly with market stalls / niche shops / small retailers (many of whom charge for charge transactions of less than £5 or £10).

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But do they only use debit and credit cards? Anecdotally, I use both, but I also use a fair bit of cash, particularly with market stalls / niche shops / small retailers (many of whom charge for charge transactions of less than £5 or £10).

of course you do, the fact that 99% of people use plastic doesnt mean cash is all but dead, which is the principle I beleive the article was portraying.

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Rise of cashless society:

Bad for:

- privacy

- freedom

- workers

- savers

-

Good for:

- cyber terrorists

- hacktavism

- bankers

- speculators

- profligate

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Doesn't sound too bad.

How much physical cash do people really have stored under their bed?

Another question and related......why do people feel they need to store value in safe deposit boxes? ;)

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Another question and related......why do people feel they need to store value in safe deposit boxes? ;)

And why don't they insure it?

Nothing to do with not wanting a paper trail, surely.

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Doesn't sound too bad.

How much physical cash do people really have stored under their bed?

Then perhaps you should look at a list of so called Common Vulnerabilities and Exposures, the growth of which shows no sign of shrinking (just a note if you are unfamiliar: "execute arbitray code" translates roughly to "the crims own your ****"). Or perhaps note that "Banking bosses say a cyber attack is among their biggest fears".

Physical cash is a buffer that allows you to buy things when the "system" is down, or when your i.d. is in question or your account cleared. Without it you are completely exposed to zero day vulnerabilities. Your life can literally be turned on its head, intentionally or even quite by accident (through bugs).

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And why don't they insure it?

Nothing to do with not wanting a paper trail, surely.

.....possibly, anyway the cost of insurance would highly devalue the value.....why supposedly £85k per group bank is insurance free at the moment or is it?

.....converting assets into numbers on a screen can make some people feel naked, transparent and vulnerable.

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The article is misleading with its stats to come to a conclusion.

It says already a third of its citizens use a payment app.

I guess you could say 99% of UK citizens already use debit and credit cards, thus cash has already all but disappeared.

The payment app they mention is mobile pay and it is not totally misleading. Its becoming massive over here, is very common place and its use is predicted to keep on rising at a fast pace. We used to only be able to use it in a few places but now many places take it as standard.

Combined with the Dankort I hardly ever see anyone paying cash anymore (unless they are tourists) and this is a big factor. Tourism could really suffer. Most Danes Dankort's also have Visa, but many friends who visit us here have issues with their Visa cards already as it is. Just cant see cash totally being phased out (hope it doesn't)

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The payment app they mention is mobile pay and it is not totally misleading. Its becoming massive over here, is very common place and its use is predicted to keep on rising at a fast pace. We used to only be able to use it in a few places but now many places take it as standard.

Combined with the Dankort I hardly ever see anyone paying cash anymore (unless they are tourists) and this is a big factor. Tourism could really suffer. Most Danes Dankort's also have Visa, but many friends who visit us here have issues with their Visa cards already as it is. Just cant see cash totally being phased out (hope it doesn't)

wont be quite so popular during power cuts, war or some other internet DOS.

Cash is pretty foolproof. It doesnt need charging, it doesnt need two devices to work.

The fact that your cohort are raving about it, doesnt mean it is used everywhere..but it does mean every where you go can be tracked.

Then there is the black market, which they have, by its nature, no records of at all.

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Doubt anyone cares very much about a few Ks under the mattress. This is probably to prevent an assortment of hedge funds, mafiosi, terrorists and bankers (spot the difference) hoarding billions in vaults to avoid neg policy rates.

Never really understood why avoiding tax and criminality is so welcomed on here.

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Never really understood why avoiding tax and criminality is so welcomed on here.

Given the track record on how it's spent, one could argue it's moral to do so.

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Doubt anyone cares very much about a few Ks under the mattress. This is probably to prevent an assortment of hedge funds, mafiosi, terrorists and bankers (spot the difference) hoarding billions in vaults to avoid neg policy rates.

Never really understood why avoiding tax and criminality is so welcomed on here.

Well, I avoid tax because it is perfectly legal and sensible way of avoiding giving more of my hard-earned money to a profligate government than necessary. I avoid criminality because I'm a decent citizen.

I take it from your post that you don't avoid tax and that you don't avoid criminality?

I assume from this and your other posts that you evade tax and that you're probably one of the last of a dying breed - a Labour MP! :D:D

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