Currency Circulation as a Universal Form of Payment for Labour
In the modern world there spontaneously occur concurrent processes of replacing cash money with cashless settlement and of stable cash demand growth. For people cash money is still an important payment instrument. The governments that employ the concept of cashless society as national policy should not see it as a panacea for all economic disorders and not make decisions to restrict cash circulation taking into account its role in payment for labour. The subject of the research is cash circulation. The research methodology is based on the principle of complexity and methodological pluralism. The authors employed system approach, rather-legal analysis and statistical research method. The novelty of the research lies in the fact that problems of effectiveness of cash circulation are analyzed for the first time in the light of cashless society. Relevant aspects of cash circulation in the world practice are considered in accordance with the digital transformation processes in financial market and in payments. The author formulates a number of suggestions aimed at perfection of conceptual, methodological, rightful principles of cash circulation. It is concluded that cash expulsion is in many respects result of economic development when the state must and is able to popularize cashless settlements and payments, but not to impose them depriving people of alternatives, freedom of choice, and without providing high protectability of electronic money from breaking, theft, disclosure of private information.