Where Does Cash Matter Most? Demonetisation shakes the sub-continent
More and more governments are aiming to phase out cash, ostensibly to curb tax avoidance and criminal activity, while some countries are making leaps and bounds towards a cashless future without a backwards glance. But for the more than two billion people globally still without a bank account, cash remains a vital part of daily life. Martin Wolf, chief economics commentator, explains why rapid demonetisation can do more harm than good.
Over the past 12 months Covid-19 has curtailed countless business activities, but not money laundering. The UN estimates some $1.6tn is laundered every year, and authorities say lockdown measures have presented criminals with even greater opportunities...
A number of governments, central banks and even some economists now advocate a switch to all-digital currencies. With the rapid rise of mobile payments, the long-term survival of cash seems precarious.
If the US put tariffs on Chinese goods, the impact would be felt way beyond the borders of both countries. China is the world’s biggest exporter, but it’s also the second biggest importer, with many of those imports coming from other Asian countries.
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