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FINANCIAL SERVICES
an you think ?
eight million people in Britain alone would have struggled with the concept of a cashless world .
Today , with financial inclusion as a leading strategy for the vast majority of digital banks and fintechs , living without clinking sounds of pocket change could very soon be a reality . But what are the pros and cons ?
Are we ready to go cash free ? Despite the advances in blockchain technology and flurries of Central Bank Digital Currency news being released , many leading experts in the field believe we are still some way off from a wholly digital global economy .
Udo Mueller , CEO paysafecard at Paysafe , does not foresee the event occurring any time soon : “ The current reality is that we are not and may never be ready for a truly cashless society . If cash were to disappear tomorrow , it would only worsen the hardship faced by the most vulnerable members of society , and the levels of financial exclusion would be damaging to the economy .
“ When government policies in India moved towards encouraging a cash-free society , farmers became unable to buy seeds for their crops and low-wage earners were forced to choose between a day ’ s work and spending the day queuing to exchange their cash at the bank .
“ Even countries such as Sweden , where there are higher levels of equality and financial inclusion , had to introduce measures to slow down the change towards
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