Abolishing cash would remove certain levels of privacy and discretion that should be maintained, argues William J. Luther of Reason. Stomping out all "criminal" transactions, that using cash enables, would not necessarily benefit society. Paying an undocumented worker has some moral justifications. Hiring a prostitute, while frowned upon by many, should remain up to the individual to decide. Getting rid of cash assumes that all current laws are flawless and could handle this transition effortlessly, which is not the case. Giving governments such insights into people’s lives also relies on them being benevolent, which is not always the case.
Eliminating cash and making all transactions digital could make criminal exchanges much riskier to complete, believes Jacob Davidson of Time. Cash is untraceable, offering anonymity to both the person paying and the person being paid. It is essential to the drug trade. One study indicates that less cash in people’s pockets lowers the rate of robberies, as muggers prefer cash that they can spend without a trace. Without cash, every criminal transaction would become traceable and risk exposure. Furthermore, everyone having their money in the bank would share the burden of national interest rates going down.