Without currency there would be serious instability and issues related to lack of monetary policy, such as money laundering, unchecked financial crime, fluctuating values and fiscal problems. Just to name a few. Why Eliminate Cash? Cash can be used in criminal activities such as money laundering and tax evasion because it is difficult to trace. Digital transactions or electronic money create an audit trail for law enforcement and financial institutions and can aid governments in economic policymaking. Without cash, we would be forced to leave a record of everything we buy. While this may not bother some, there are many who worry that governments and/or corporations could use our purchasing histories as a way to track us, monitor us, and even intimidate us.Why shouldn't cash currency be eliminated?
Should we remove cash?
What happens if we get rid of cash?
Westpac, ANZ, CommBank and NAB have ruled out going cashless, but the banks have shuttered branches across regional Australia, leaving some customers without the option to bank with cash.
Inflation Is Eating Away at Your Funds
According to the Bureau of Labor Statistics, the average rate of inflation from April 2023 to April 2024 was 3.4%. If you've been keeping your money in a savings account with a lower yield than the rate of inflation, you should switch over to a higher-yield account.
While cash isn't disappearing entirely, data from Marqeta shows that both consumer attitudes and habits are shifting towards a less cash-dependent economy. According to Marqeta's 2024 State of Payments Report, nearly three-quarters of U.S. consumers aren't concerned about moving towards a cashless society.
Even though it is technically not illegal to travel with large amounts of cash, it is definitely suspicious to many law enforcement officers. Carrying a large amount of cash can result in asset forfeiture and seizure, even if you are not arrested for an offense.
Just: The Bible says absolutely nothing about predicting a cashless society, as some people claim. And in fact, if it did, the closest passage to anything that you could call a “cashless society” is not from the Book of Revelation, but it's from Isaiah, Chapter 55.
Cash use has been declining for years, but cash isn't close to going away. In 2022, there were a staggering 70 billion cash transactions, making it the third-most-common payment method.
Our key finding is that you're more likely to rely on cash if you: have low digital capability or poor digital access (4 times as likely) are in a low-income household (3 times as likely)
These include security risks, the lack of traceability, inconvenience for large transactions, and limitations for international transactions. As cash management technology continues to advance, the drawbacks associated with physical cash become less pronounced.
There are plenty of good reasons to carry cash. You get better control of your budget and will likely spend less than when you use plastic or electronic payments for everything, even a cup of coffee or a candy bar. Mobile payments and credit cards make sense in some situations.
Cash is resilient because it is recognised and trusted as a secure payment instrument, as evidenced by extremely low levels of counterfeiting. Many consumers carry cash, in case other payment instruments are not accepted or out of service. Cash does not crash. It is not dependent on electricity or the internet.
In 2023, Sweden will become the first cashless society in the world, with its economy going 100% digital. According to the Swedish Central Bank, already now, nearly 80% of the country's residents use cards for conducting purchases. Overall, 58 % of transactions use payment cards, and only 6% are made in cash.
Banks keep an electronic record of transactions, and people access their funds through electronic systems. The advantages to cashless societies might include reduced physical crime (since there's no tangible money to steal), lower transaction costs, and the convenience of not needing to carry cash.
Some countries aim to de-dollarize or reduce their dependency on the U.S. dollar, but it is still essential for global business and is a widely held reserve currency. There is no reason to expect the U.S. dollar to collapse in the near future.
Banks face fines if they fail to provide free access to cash withdrawals for consumers and businesses, the Treasury has confirmed.
“While it can be tempting to withdraw all your funds from a bank and keep them at home, banks are typically more secure and offer protection against theft or loss. Plus, keeping money in a bank allows for easier access to funds if needed for emergency expenses or unexpected bills.”
It's a good idea to keep enough cash at home to cover two months' worth of basic necessities, some experts recommend. A locked, waterproof and fireproof safe can help protect your cash and other valuables from fire, flood or theft.
The concept of a cashless society has been around for decades. But with 84% of payments in the US being made digitally in 2025 according to Clearly Payments, research suggests that the transition from physical currency could take place sooner than we once thought.
Sweden: Sweden leads the world in cashlessness, transitioning away from banknotes. With just 32 ATMs per 100,000 people and over 98% of Swedes owning a debit or credit card, cash usage is dwindling.