There's little doubt the eliminationofcash would enable banks, credit unions, and other financial institutions to reduce staff. After all, it takes more people to handle the business of cash transactions. Electronic payment methods, by contrast, are completely digital. Far fewer people are needed to manage the process. The case in favor of cash
Currently, cash only represents 7% of the US economy ( CS Monitor ). As it becomes easier to transfer money from person-to-person electronically and make small purchases with phones and cards, cash will disappear from everyday use for most people. Of course, there are actually more US dollars outside the US than inside.
By the time the $20 bill honors Harriet Tubman, cash may be something of a rarity. The Treasury Department's recent announcement that Tubman and other women will grace $20, $10, and $5 bills starting in 2020, is a long overdue tribute to some of the country's greatest civil rights heroes and suffrage activists.
Theeliminationofcash is beneficial for financial companies, because they stand to make a percentage of every purchase that is not made with cash. Therefore if they control the entire consumer financial market through administering electronic transactions, they also have complete control over the economy of buying and selling.
Larry Summers, who is like an embedded tick at the Treasury Department of the United States, has called for the eliminationofthe $100 bill. With the eliminationofthe largest denominated bank note from circulation this would effectively kill the use of cash.
He argues that catching tax evaders will lower taxes for the rest of us and that eliminationof large denomination physical cash will make transport of ill-gotten gains much more difficult. He considers and discusses alternative forms of currency that criminals might use and the difficulties these alternatives pose for criminals.