IRVINE, Calif., Sept. 29, 2016 /PRNewswire/ -- Governments and banks are discouraging the use of cash, but a problem with a cashless society is a loss of privacy, explains Dr. Scott Sumner, Professor Emeritus of Economics at Bentley University. He points out that Sweden already is moving toward eliminating all coins and paper money, and Italy and Canada are beginning to discourage the use of cash.
Dr. Sumner predicts the elimination of cash would make it easier for governments to impose negative interest rates and could lead to increases in values for gold and alternative currency, such as the Bitcoin.
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