Global Trend Against Cash Intensifies as China Joins the Squeeze

For various reasons, a growing number of nations are experiencing the rapid development of cashless society. Paper money may become extinct in some countries in the not-so-distant future. Prompted by the spread of private and decentralized cryptocurrencies and the threat of losing control over their monetary policies, more and more governments are now working to create central bank issued digital currencies to replace banknotes and coins. China has joined the campaign against cash, although not at the expense of centralized monetary power.

Also read: Japan Pushes Cashless Agenda by Rewarding Non-Cash Payments After Tax Hike

China to Trial ‘Large-Scale Cash Management’

In a move that many consider part of Beijing’s plans to introduce a digital version of the national fiat, the yuan, the People’s Bank of China (PBOS) has revealed plans to implement pilot programs aimed at exerting greater control over cash transactions. According to a notice…