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Sree Vijaykumar

From the Editor's Desk
Imagine a bank heist where the robber takes out a gun, asks the bank staff to put money into a bag, only to be told that they do not have any cash. When the robber looks confused, he is directed to a poster on the wall that proclaims this a "cash-free" location. "It's true," the manager tells him. "Sorry." Well, this is what happened on April 22, 2013 at Stockholm's Ostermalmstorg branch of Skandinaviska Enskilda Banken. Crime is the single most important consideration in the global transition to cashless. The criminal economy depends on the anonymous, untraceable nature of cash. Indeed, much of the cash in the world, maybe most of it, is simply unaccounted for. The World Bank estimates that about a third of the cash in most countries circulates underground, in black markets and through illegal employment. Take it away and thieves have no foolproof way to sell their stolen goods, drug dealers no way to hide their deals. Atleast till a new sophisticated cyber-criminal emerges! - Comment

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