What is a cashless society?
Exactly what is says! All cash phased out to allow for the introduction of a purely digital currency. This could happen sooner than you might think, the mainstream media has already published various articles about the dangers of cash stating it could pass on viruses. Some businesses have already stopped taking cash out of fear of this being true.
Why is that a bad thing?
Cash is a way of spending and earning money without it being traced or tracked. Since the introduction of credit and debit cards, cash has been In decline. When cash completely disappears, all your spending and earning will be easily accessible, down to what type of underwear you buy! Privacy in your spending and earnings will be a thing of the past. On 19th February 2020, the Telegraph predicted that the UK will be cashless within a decade, however, some commentators are stating within the year or even sooner!
But I have nothing to hide?
It’s not about hiding, or that only criminals have things to hide, privacy is a human right. Would you want anyone opening your letters before you received them? Would you want all your purchase history being monitored and collated as data for companies to sell you more of their products? Cash has always been a hedge or backup for when we lose trust in the banks. If all currency becomes digital you are handing total control to the banks. Theoretically, the banks could just switch oﬀ or erase all of your funds at the touch of a button.
Shouldn’t ﬁnancial control and freedom be with you?
What will replace cash?
Cashless methods that are already being used or being proposed: 1. Cards 2. Smart Watches/Bracelets 3. QR code 4.RFID chip