A Cashless Society: Should the Government Be Able to Track Every Dollar You Spend?

More businesses are encouraging electronic payments, and some have stopped accepting cash altogether.

Digital payments are convenient, but they also create records of financial transactions that can potentially be accessed by banks, payment processors, and government agencies under applicable legal procedures.

Cash offers something electronic payments generally don't: The ability to make ordinary purchases without creating a detailed electronic transaction record.

Imagine a society where every purchase requires an approved electronic payment account.

What happens when someone's account is frozen, a payment processor refuses a transaction, or the government seeks access to an individual's financial history?

Supporters of a cashless economy argue that electronic payments reduce certain forms of theft, simplify accounting, and make some criminal activities more difficult.

Critics argue that eliminating cash would reduce financial privacy and make people increasingly dependent on financial institutions.

Should businesses be legally required to accept physical currency?

And should Americans have a guaranteed right to make lawful purchases without creating a permanent electronic record?