In a commentary, SMU Sim Kee Boon Institute for Financial Economics' research fellow Xie Taojun discussed the issue of a cashless society and its implications for Singapore's monetary policy.  He noted that in terms of the degree of cashlessness, Singapore may not be as ready to enter a negative interest rate environment as Japan and the European countries, but its capacity in responding to foreign monetary shocks has certainly improved over the past two decades. He added that as much as Singapore welcomes a cashless society, it should not rush into it for the sole purpose of tackling negative interest rates.