Are there any benefits to using digital money instead of physical cash, and the answer is yes, there are, but there is also draw backs in this article we will focus on some of the benefits.
Benefits of a Cashless Society
Debt elimination: When a new currency is launched, the value of the old currency drops, if that currency is completely banned that currencies value becomes zero. In other words a country like the USA can launch a digital dollar which is not linked to the current physical dollar which will make the physical dollar lose value. Before banning the physical dollar out right they can give people the opportunity to transfer their physical dollars to digital dollars. After the transfer period is over a law can be passed that state that no lender can accrued physical dollar debt followed by banning the physical dollar completely. In order to prevent banks from collapsing the value of the debt can be paid with the first ‘print’ of the digital dollar, with no repayment attached. Once the physical dollar has collapsed and is banned and old debt connected to it was removed by default a law can be passed to transfer all assist connected to the old dollar to the digital dollar.
Money cost money; The paper, ink and metals used to print money has to be purchased, where as numbers on a screen has no such cost.
Tax collection: A system can be put in place that will insure automated tax payments, which means you will never fall behind on your tax, which means you will never have to fear that the taxman will send you a letter that you have outstanding tax. This will reduce the running cost of government and reduce the need of increasing tax.
Crime reduction: Here is 3 examples of how a digital currency can reduce crime. Example 1: there is no cash in you cash till thus no reason for any cash seeking criminal to rob your business. Example 2: if a fentanyl user is caught, a court order can be obtained to pull the fentanyl users bank records which will show the person he/she has bought the fentanyl from. Then a second court order can be obtained for that individuals bank records, which will show the distributors supplier. A third court order on the suppliers bank records will reveal the producer. This will allow law enforcement to arrest the entire network work eliminating the entire industry. Example 3 One person is caught selling children for sex or labor. After a series of court orders as shown above and the entire child trade syndicate can be shut down.
Reduce the cost of money transfers: No armored trucks and personnel is needed to transfer digital money, reducing to cost of money transfers.
Debt control: With written permission from a leader, a loan provider will be able to see if someone can afford to take a loan or not, since they will not be able to hide their true financial position. This will result in a greater accountability of the loan provider and possible criminal charges depending on what the law states in regards to giving money to those whom can not afford the repayments.