The End of Money as We Know It? In the grand theater of economic history, money has always been a social construct—a collective agreement on value. From the Lydian coins to the gold standard, and from the Nixon shock of 1971 to the birth of Bitcoin in 2009, the medium of exchange has constantly evolved. Today, we stand at a…
In the information economy, the digitalization of money as in production systems leads to a gradual decrease in the use of cash in economic transactions. In fact, it is costly in cash production, transportation and storage. In the Figure, the increase rates in non-cash transactions in major countries between 2015 and 2016 are given. The country with the largest decrease…