But the technological developments mentioned earlier have also encouraged more radical ideas, including the abolition of cash. Some argue in favour of overcoming the restrictions on monetary policy arising from the zero lower bound, others aim at undermining illicit activities by eliminating their preferred means of payment. I am sceptical about these arguments.
3  BIS Working Papers [Paper?] No. 655, The FinTech opportunity, Thomas Philippon, Monetary and Economic Department, August 2017. Available at http://www.bis.org/publ/work655.htm. 4  World Economic Forum (WEF). 2017. ‘Beyond fintech: A pragmatic assessment of disruptive potential in financial services’. http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf  5  World Economic Forum (WEF). 2017. Beyond FinTech: a pragmatic assessment of disruptive potential in financial services. Available at http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf.