Blockchain will spur the advent of the "no cash payment" era
The Bank of Korea, Bank of Korea (BOK) recently announced that it is considering introducing cryptocurrency and blockchain applications for its “Cashless Society†program.
Bank of Korea (BOK)
According to reports, BOK announced the official launch of the cashless social pilot project in its 2017 Payment Report. The report shows that BOK has begun to explore possible use cases for cryptocurrency and blockchain, such as the introduction of blockchain and password management in the payment process. BOK has also established an organization that studies digital currencies and analyzes the potential impact of cryptocurrencies on the entire financial system. The main goal of the project is to provide convenience to customers and reduce the cost of issuing physical currency. The government also plans to use this new program to open the underground economy driven by physical currency.
Former Federal Reserve Chief Rod Garratt also believes that the cashless economic implementation has been a daunting task because of the serious mistrust of the American people to the government. Garratt believes that blockchain technology may be the key to realizing a truly cashless society in the United States.
Cancelling cash may make the economy less prosperous, not richer. Rich countries, with more advanced and reliable infrastructure, ubiquitous energy supply systems, can fully play the role of material cash to cope with the shortage caused by natural disasters. In general, cashless makes the economy more fragile, like the lack of calcium bones, making our financial system vulnerable to natural disasters and even worse disturbances such as war.
Of course, the cancellation of cash has become one of the mainstream economists' consensus. They have long believed that physical cash is a hindrance to achieving “non-traditional†monetary policies, such as negative interest rates. In addition, advocates claim that it is more difficult to control currency flows, taxation and crack down on the black market.
Now that the total amount of non-cash transactions is rising, people have already heard the numbness of the popularity of mobile payments. However, iResearch's report released this month said that China's mobile payment scale has far exceeded that of the United States, nearly 50 times that of the United States. According to KPMG's previously published Global Consumer and Convergence Survey, 66% of global respondents indicated their willingness to use the mobile wallet business, compared with 84% in China.
And "no cash" is not "killing cash", but the payment is no longer subject to cash. People can hold the mobile phone without cash, so that the "no cash" payment method such as credit card payment and mobile payment becomes The mainstream payment system of society. Cashless payment is safe, efficient and convenient, and will be the direction of future social development.
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