By Lauren Wright
The global financial crisis opened the world’s eyes on how
dependent we were on the big banks. Today, we could be held as much
hostage to the banking system as we were before, if not much more. As
several countries push for a dematerialization of payment means, have we
already forgotten the lessons learned after the crash?
Many of the major banks in the U.S or in Europe still haven’t
recovered fully from the multiple crashes and the collapse that
shattered the system worldwide. At the time, many citizens realized how
fragile the banking system was and they lost their trust. After Lehman
Brothers’ bankruptcy many swore that never again they would allow the
banks to play with their money like they had in the past. At the time,
masses of several countries rushed to their banks to withdraw their
assets and keep it in the form that seemed safer to them: cash.
Today, however, the prophets of media and governments around the
world have asked us to start saying goodbye to physical money. They want
to go cash-free. The idea seems wonderful, no more heavy coins in our
pockets and no more ‘cling cling’ sound from the laundry machine.
Instead of it; cards, mobile wallets, e-payment systems. We would live
in societies where all of our assets are kept in banks, but not
physically. Read More
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