The president of the Federal Reserve Bank of Kansas City said the central bank must accept the inevitable transition to a cashless and paperless society.

"In the presence of these trends, I strongly believe that our responsibility as central bankers is not to resist or inhibit these changes," said Thomas M. Hoening at an Austrian National Bank conference last week in Vienna. "To do so raises the risk we will be left behind and will lose our ability to constructively shape the future."

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