In the face of strong public opposition the International Monetary Fund (IMF) published a working paper offering governments suggestions on how to move toward a cashless society. In its recent report The Macroeconomics of De-Cashing, the IMF proposed to abolish cash and recommended to adopt measures in order to restrict its use.
The paper defines ‘De-cashing’ as “the gradual phasing out of currency from circulation and its replacement with convertible deposits.” Defined as replacing paper curre...