Why going cash-free is probably a bad idea - Category: Current Events - Thread ID: 33

Posted by :-
Peter JSB
A politician's wet-dream is a cash-free society because every payment can be tracked, taxed, examined and stopped on a bureaucrats whim. It also means bank-runs become impossible because it will be impossible to cash-out in a cash-free system.

Cash-free means that every payment is done electronically with no need for hard cash at all. On the surface this seems like a great idea; no messing about for the right change, etc but unfortunately there are several big problems with it :-

Privacy every payment, along with time, location and item(s) are recorded. There is a good chance that information is passed/sold to other organisations.

Reliability Anyone paying attention to the news can't help but notice that bank IT system failures seem to happen every few months now, making it impossible for people to buy food, fuel or pay rent / mortgages. Things are getting so bad that many recommend that you always have cash available just in case.

Posted: 2018-Jul-07   17:47

RowID: 86

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