Is a cashless society problematic? [electronic resource] / by Walter Engert, Ben S. C. Fung and Scott Hendry.
Saved in:
| Online Access: |
Electronic version (Unrestricted access) Electronic version (Unrestricted access - Bibliothèque et Archives Canada / Library and Archives Canada) |
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| Main Author: | |
| Other Authors: | , |
| Format: | Government Document Electronic eBook |
| Language: | English |
| Published: |
Ottawa, Ontario, Canada :
Bank of Canada,
2018.
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| Series: | Staff Discussion Paper/Document d'analyse du personnel ;
2018-12. Documents collection. |
| Subjects: |
| Abstract: | "The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future. This paper considers the implications of the abandonment of the use of cash in the future. More specifically, we look at a variety of ways in which the emergence of a cashless society could affect key concerns of a central bank, including seigniorage, monetary policy, payments and financial stability considerations. We find that a cashless society would not generally cause material, system-wide problems. There are a few areas, however, where concerns could emerge: the maintenance of both operational reliability and contestability in retail payments, and the provision of a safe store of value in an (extreme) financial crisis. We note policy options to address these potential concerns." |
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| Physical Description: | 1 online resource (33 pages) |
| Bibliography: | Includes bibliographical references. |
| ISSN: | 1914-0568 ; |
| Language: | Includes abstracts in English and French. |