Yes, I am not an economist, not even an accountant, but as a student of strategic studies, I think that this article may create a discussion among people who are responsible for managing Pakistan’s economic affairs and grappling with Pakistan’s economic woes for a long time.

Paper currency replaced gold in phases. For instance, after removing domestic gold convertibility in 1933, the United States formally eliminated the international gold standard in 1971. This officially transformed the US Dollar and global paper money into modern fiat, valued by social consensus rather than a physical commodity.”

However, the developed world found an alternate method of doing business with plastic cards, both debit and credit. For this purpose, the debit cards were introduced in the 1960s; however, these cards gained momentum in the 1970s and 1980s when the users realised that they could avoid visiting the bank branches and yet do their usual business. However, some of the developed states still have coins of smaller denominations, while encouraging people to use cards instead of cash.

Likewise, the credit cards were introduced by the Diners Club in the 1950s.

If Pakistan can do away with paper currency and shift to cards, both debit and credit, the government will have greater visibility of people’s spending and hence will be able to bring them into the tax net more........

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