Even if "cashless" works perfectly, now you've constrained the entire economy to either the formal electronic currency or barter. Or maybe something like wampum, an informal improvement on barter.
One need only look to the history of the United States before the greenback to see it.
People do business outside the formal economy. They do cash only business. Unemployed/underemployed don't simply stop breathing. Since we have a high U6 number, the hubris of even considering this is breathtaking.
Stretching a metaphor too far, "cashless" is censoring the economy. What happens when the economy perceives this and routes around it?
One need only look to the history of the United States before the greenback to see it.
People do business outside the formal economy. They do cash only business. Unemployed/underemployed don't simply stop breathing. Since we have a high U6 number, the hubris of even considering this is breathtaking.
Stretching a metaphor too far, "cashless" is censoring the economy. What happens when the economy perceives this and routes around it?