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Article

Is a Cashless Society Achievable?

Kevin Rutter and Morten Wilhelm Winther
The Journal of Investing Cryptocurrency Special Issue 2019, joi.2019.1.079; DOI: https://doi.org/10.3905/joi.2019.1.079
Kevin Rutter
is the research lead at R3 in New York, NY
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Morten Wilhelm Winther
is a partner at Advokatfirmaet Simonsen Vogt Wiig AS in Oslo, Norway
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Abstract

Given increasing physical cash in circulation in many areas, a cashless society is likely not achievable soon for most countries. However, there are certain countries, particularly the Nordics, where the rise of digital payments is accompanied by a decrease in physical cash. While consumer preferences may drive towards a near-cashless society in these countries, a fully cashless society is not possible without first addressing several obstacles. First, a credible technical solution would need to exist as a substitute for physical cash, given the risks to consumers of strictly holding money with defaultable private sector institutions. Second, laws and regulations regarding the use of physical cash would have to change. We discuss high-level designs for how a retail-facing central bank-issued digital currency (CBDC) could be built on R3’s Corda and evaluate legal changes in Norway.

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The Journal of Investing: 30 (2)
The Journal of Investing
Vol. 30, Issue 2
February 2021
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Is a Cashless Society Achievable?
Kevin Rutter, Morten Wilhelm Winther
The Journal of Investing Mar 2019, joi.2019.1.079; DOI: 10.3905/joi.2019.1.079

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Is a Cashless Society Achievable?
Kevin Rutter, Morten Wilhelm Winther
The Journal of Investing Mar 2019, joi.2019.1.079; DOI: 10.3905/joi.2019.1.079
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  • Article
    • Abstract
    • Cash Use Is Growing
    • Except In …
    • What Needs to Be Done to Arrive at a Cashless Society?
    • THREE CBDC APPROACHES ON CORDA
    • LEGAL CHANGES IN NORWAY
    • CONCLUSION
    • ENDNOTES
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