Restrictions on cash usage  Ladies and gentlemen, the current monetary policy environment is fuelling the imagination of some academics with regard to how the “leg room” of monetary policy could be increased. Their proposal is to do away with cash entirely.
Several newer retail payment mechanisms will be added to the existing ones, but the history of automating the retail payments system cautions that evolution is more likely than revolution. The Federal Reserve is actively engaged with the private sector in discussing changes in the payments system.