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Dominic Frisby – Why we should fear a cashless world

The health food chain Tossed has just opened the UK’s first cashless cafe. It’s another step towards the death of cash.

This is nothing new. Money is tech. The casting of coins made shells, whales’ teeth and other such primitive forms of money redundant. The printing press did the same for precious metals: we started using paper notes instead. Electronic banking put paid to the cheque. Contactless payment is now doing the same to cash, which is becoming less and less convenient. In the marketplace convenience usually wins.

That’s fine as long as people are making this choice freely. What concerns me is the unofficial war on cash that is going on, from the suspicion with which you are treated if you ever use large sums of cash to the campaign in Europe to decommission the €500 note. I’m not sure the consequences have been properly considered.

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