Cashless Society

What is being described as the future of physical money in the video?

• It will be stored in vaults

• It will disappear and become more electronic

• It will be minted more efficiently

• It will only be found in museums

According to the video, why do countries have an incentive to move towards a cashless future?

• To increase the cost of operating

• To make payments more difficult

• To reduce tax evasion and fraud

• To promote the use of physical money

What downside is mentioned in relation to the use of digital payments in the video?

• Increased privacy concerns

• Difficulty in monitoring tax evasion

• Potential political interference based on purchasing habits

• Enhanced security measures

How did cyber-attacks impact banks as highlighted in the video?

• They resulted in increased profits for banks

• Banks became more secure against attacks

• Personal information of account holders was stolen

• They led to the closure of many banks

In what ways has the shift towards a cashless society been illustrated in China?

• A decrease in digital payment usage over the years

• A rise in fraudulent activities

• A gradual increase in digital payment transactions

• A complete ban on digital payments

What challenge might some people face with the transition to a cashless society as mentioned in the video?

• Difficulty in accessing physical money

• Problems in understanding internet-banking technology

• Limited availability of internet coverage in urban areas

• Lack of interest in digital payments

Who is highlighted as a vulnerable group in society with the move towards a cashless system?

• Wealthy individuals
  

• Homeless individuals

• High-income earners

• IT professionals

What fundamental question is raised about the value of money in a cashless society?

• How banks control economy-wide spending
  

• How central banks print physical money

• Whether money's value remains if not physically present
  

• How governments monitor financial transactions

Why do central banks find it more challenging to control money in a cashless society as discussed in the video?

• Increased cooperation from commercial banks
  

• Other entities can create money

• Enhanced security measures

• Decreased demand for digital currencies

According to the video, what is the key concern for governments in transitioning to a digital economy?

• Ensuring equal distribution of cash
  

• Safeguarding the vulnerable in society

• Promoting exclusive use of cash

• Implementing stricter taxation policies