Yours truly contributed to a New York Times “Room for Debate” forum on the future of the dollar:
Canada is eliminating the penny, but not the cent: digitally, consumers can still pay to the cent, for instance charging $1.03 to a credit card rather than paying $1.05 in cash. It’s almost inevitable that digital money will soon replace not just the penny, but all physical money — in the U.S., Canada and elsewhere. Moving away from paper notes and coins and toward a digital currency is a no-brainer, at least when it comes to cost and efficiency. But when it comes to privacy and freedom, cash can’t be beat. We must ensure that we protect our civil liberties by preserving some untraceable payment method.