[Abishek_Muthian]

Privacy is definitely at stake in cash-less electronic transactions, but going cash-less might be the only way to curb corruption in a country like India.

In India, only pathetic (<10-20%) percentage of people pay direct tax, what remains after corrupt bureaucrats take their share is what spent on development of the country.

It's no brainer on why cash transactions is the preferred mode for the corrupt. Cash-less electronic transactions, fool-proof audit backed by tech like blockchain seems like only option left to curb this menace and save the country.

As far as privacy is concerned, due to the loop-hole in the law, any citizen's bank account can be accessed by the authorities at any time; so cash-less transactions isn't going to change much here. Corrupt, don't use the bank accounts to store their stash anyways, at-least within the country.

But India is not ready for cash-less transaction anytime soon, as evident from the demonetisation of 2016 in which promoting cash-less transaction was one of the main arguments.