What do you understand by the cashless economy?Does it have any pros and cons?



What do you understand by the cashless economy?Does it have any pros and cons?..

Answer / Bhupendar Singh Dharmshktu

A Cashless Economy refers to a system where digital payments are predominantly used instead of physical cash. Pros include increased transaction speed, reduced chances of counterfeit money, improved tax compliance, and enhanced financial inclusion for the unbanked population. Cons might include privacy concerns, digital divide, and potential cyber threats.

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