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Estonian Economist Suggests Abandoning Cash

Posted by timothy on from the not-so-specieal dept.

J-Georg writes "Raul Eamets, professor of macroeconomics at the University of Tartu, proposed today during his TEDx talk that Estonia should stop using cash at all when adopting the Euro as the national currency (Estonian original). He also pointed out that abandoning cash would not be only important for the Estonian economy as a whole but also is a real challenge for both IT and banking sectors and would also improve Estonia's image as an IT-tiger."

4 of 454 comments (clear)

  1. no thanks by Trepidity · · Score: 5, Insightful

    So I won't be able to give $20 to a friend without: 1) being tracked; and 2) giving a cut to some payment processor like PayPal? I'd rather use cash.

    --
    10 PRINT CHR$(205.5+RND(1)); : GOTO 10
  2. Without cash... by arunce · · Score: 5, Insightful

    No way. Economies can't work without thieves or corrupt politicians. Even if something emerge to fill the gap, like gold, drugs, diamonds, name it, the neighbor country with real cash would get the benefits. At the bottom, cash on your pocket grants some privacy... and security.

  3. Sounds great... by Beelzebud · · Score: 5, Insightful

    ...Until the power goes out.

  4. Re:Abandon all your cash by Gerzel · · Score: 5, Insightful

    Oh sure. Like most any man on the street he happens to have the time, income to support himself, money to start the project, PHDs in encryption, economics, programming and good expieriance at international diplomacy to implement this himself and not be a lazy ass.