I think people are being naive if they don't see that in some places its becoming harder and harder to use cash. Yes many people are happy with the convenience of tapping cards/phones so don't see it as a problem but that's when it's all working perfectly .
I don't see how mocking the minds of public figures adds to the argument, but hey that is how some people roll.
Remember the truckers - why we need to fight to save our cash
www.conservativewoman.co.uk
"According to Libertarian Party president Richard Koller, ‘getting rid of cash not only touches on issues of transparency, simplicity or security, but also carries a huge danger of totalitarian surveillance’. He believes Switzerland should be taking the lead within Europe, as securing agreement in the European Union would be almost impossible amongst all 27 member states."
"But while around 90 per cent of governments worldwide, including in the UK, are pressing ahead with plans for the introduction of Central Bank Digital Currencies (CBDCs), not everyone is entirely clear about the implications, or has even heard of them."
"A CBDC is defined as a currency issued and backed by a country’s central bank, designed to function like traditional currencies but in digital form. Officially they are presented as a way to increase financial inclusion, reduce transaction costs and provide greater security and transparency in payments. But what about the potential risks, such as cyber insecurity, monetary policy implications, and the negative impact on the banking sector? The fact is that governments have far more to gain from introducing CBDCs than consumers have from using them. "
"To date, the anecdotal evidence has been alarming. The Nigerian government went ahead with roll-out, and riots broke out. This is unsurprising since an estimated 55 per cent of Nigerians rely on physical cash. Yet withdrawal limits and debit card restrictions were imposed, while capital controls made taking money out of the country almost impossible. The result was a violent scramble to exchange old notes before they were declared worthless."
"Any perceived benefits need to be weighed against the overwhelming risks:
Cyber security: hacking, fraud and other cyber crimes would necessitate much stronger security systems.
· Privacy: transaction data and personal information would be kept in centralised databases, leading to a conflict between user privacy and system integrity.
· Disintermediation: the ‘middleman’ ie commercial banks would be bypassed, leading to disruption of the traditional banking system and financial stability.
· Monetary policy: central banks would need to balance the impact of CBDCs on the money supply and interest rates.
· The technical challenge: the requirement for technical expertise, infrastructure and implementation presents huge practical challenges."
www.theguardian.com
www.ft.com
