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The COVID-19 pandemic has accelerated the adoption of cashless technology as businesses try to limit the spread of the virus.
Many shops are now only accepting credit cards and fewer people are withdrawing money from ATMs.
However, the European Court of Justice has ruled that creditors have an obligation to accept cash as a form of payment, except in exceptional circumstances.
The decision stems from a case in Germany where two people wanted to pay a radio and TV licence fee with notes, but the public broadcaster said the payment had to be digital.
Some member states have been pushing for cashless societies as a way to fight tax avoidance and corruption.
Jasmine Birtles, a financial journalist and the founder and editor of MoneyMagpie.com, told CGTN governments and banks don't like the anonymity of cash.
She said "with digital money, they can control it. They can see where you're spending and if necessary they can switch off the money supply."
Birtles added "if we get rid of cash, then we take away some of the power from consumers."
There are also concerns that phasing out cash will leave large swathes of society disenfranchised, such as people who don't have bank accounts or access to smartphones, those living in rural areas and the elderly.