Cashless society

[sptrawler]

Unfriendly nations would just shut down our monetary system without cash.

I don't think it will be only us that go digital and cashless may not mean all cash, it may mean initially only getting rid of large denomination notes e.g $20, $50 and $100.
Who knows, but I think all Governments will be working together on it.
Sweden was aiming to go cashless by March 2023, but has backed away from the commitment somewhat.

Why Cash Still Matters in Sweden

Recognising the essentiality of cash to a safe and equal Swedish society, a law requiring banks to offer cash services, and ensure individuals do not have to travel far to access them, came into effect this January, and new measures are now coming online across the country.

www.cashmatters.org

The Nordic countries ready to say goodbye to cash

In our Contactless series across Europe, we have looked at a variety of countries, each at different stages of their digital payments journey. Whilst all have experienced big changes in consumer behaviour, much of it in response to the pandemic, the Nordic countries were already getting ready to...

blog.ingenico.com

 

[divs4ever]

i would prefer to be paid in gold ( and silver ) anyway .

we have already seen what nations do to each other ( and they have bombers , tanks and nukes )

what would they do to their own citizens which they consider to be docile serfs

 

[againsthegrain]

i would prefer to be paid in gold ( and silver ) anyway .

we have already seen what nations do to each other ( and they have bombers , tanks and nukes )

what would they do to their own citizens which they consider to be docile serfs

Thats what happens in China, piss off the wrong guy online and suddenly your social credit is bad. Can't fly on a plane, piss off another guy maybe your digital money is suddenly evaporate

 

[divs4ever]

Thats what happens in China, piss off the wrong guy online and suddenly your social credit is bad. Can't fly on a plane, piss off another guy maybe your digital money is suddenly evaporate

not just China , am seeing some reports about the UK as well

 

[JohnDe]

That must be the tourist price! A few years ago, I would pull up in the work truck at a 7-11 servo and buy the $1 small self serve takeaway coffee, I laugh at the notion of a $6 takeaway. ?

I don’t buy coffee very often, but when I do I don’t mind paying for someone’s labour and material. $6 for a medium flat white on a Monday morning was reasonable for me, the shock of being paid cash was a laugh.

 

[qldfrog]

not just China , am seeing some reports about the UK as well

Or Canada . displease the government and your account is locked.
They aka the 1984 horror supposedly called our democracies can already lock your account but cash remains relatively free

 

[sptrawler]

but cash remains relatively free

And is exactly why the Govt's want to remove it.

 

[qldfrog]

And is exactly why the Govt's want to remove it.

You do not understand, it is only to prevent pédophiles, drug trafficking and tax evasion, ??

 

[divs4ever]

You do not understand, it is only to prevent pédophiles, drug trafficking and tax evasion, ??

but , but but , that is mainly government activities why would they do that to themselves ( just the drug-tracking alone will hamstrung the CIA )

so nah , that doesn't wash with me

 

[bux2000]

You do not understand, it is only to prevent pédophiles, drug trafficking and tax evasion, ??

But Hey you forget ........if you have done nothing wrong, you have nothing to fear

bux

 

[divs4ever]

But Hey you forget ........if you have done nothing wrong, you have nothing to fear

bux

LOL
so how is Bill Heffernan's bill going ???

has Franca Arena been beatified ( given a sainthood ) yet ??

 

[wayneL]

Unfriendly nations would just shut down our monetary system without cash.

We don't need an unfriendly nation for that.

Our own government seems pretty intent of destroying the power grid.

 

[divs4ever]

We don't need an unfriendly nation for that.

Our own government seems pretty intent of destroying the power grid.

but but ... doesn't the internet of things run on power/energy

 

[mullokintyre]

Nigeria's rulers have found that its Citizens did not embrace the CBDC as they had hoped.
From Investor man

Last year, Nigeria launched its much-ballyhooed eNaira, Africa’s first central bank digital currency (CBDC).

Central bankers, academics, politicians, and an assortment of elites from over 100 countries hoping to launch their own CBDCs have closely followed the eNaira.

They used Nigeria—Africa’s largest country by population and size of its economy—as a Petri dish to test their nefarious plans to use CBDCs to enslave the people of North America, Europe, and beyond.

The jury is now in.

The eNaira has been a massive failure.

According to Bloomberg, only 1 in 200 Nigerians use the eNaira. That’s even after the government implemented discounts and other incentives as desperate measures to increase adoption.

This came as a surprise to the elites.

Nigeria has one of the highest Bitcoin adoption rates in the world—ranking #11 among all countries.

Bitcoin’s ability to bypass the government’s capital controls—which restrict the use of foreign currencies and sending and receiving money from abroad—was a big draw for Nigerians, as it is in other countries with these repressive policies.

A long history of rampant currency debasement in Nigeria—including six devaluations in recent years—also helped spur the adoption of Bitcoin, which is totally resistant to inflation.

In short, the elites have miscalculated. They figured Nigerians wouldn’t be able to differentiate between Bitcoin and the eNaira—they are both digital currencies, after all.

The Bloomberg article admitted, “Nigerians’ passion for cryptocurrencies doesn’t extend to the central bank offering.”

It also said Nigerians view the eNaira as “a symbol of distrust in the ruling elite” and that the people view the government as “hostile to them and therefore have no interest in anything it introduces.”

It must be so frustrating when the citizens don't follow the required guidelines.
Mick

 

[JohnDe]

We are slowly witnessing physical cash going the way of early Credit Cards.

Remember the early days? When paying with a credit card it was frowned on, extra charges added, discount for paying with cash.

Today it is the opposite. Pull out cash and some people frown, do it in a checkout line and people behind groan. Can't use cash to pay for an airline ticket, many concerts and sport tickets are card or direct debit only, purchasing food and drinks at many large sporting events is card only, cafes and some boutique bars and bottle shops are card only.

When my kids were young, I taught them to always have cash as a backup, I'm glad that they still follow that advice. Cash may be on its last legs, but it is still handy.

Paying by electronic devices and card is very handy, it is also very easy to spend more than realised. At least with cash it is easy to see when your wallet is emptying.

I've always fancied myself as a bit of a rebel, I will continue to annoy the anti-cash brigade.

 

[againsthegrain]

We are slowly witnessing physical cash going the way of early Credit Cards.

Remember the early days? When paying with a credit card it was frowned on, extra charges added, discount for paying with cash.

Today it is the opposite. Pull out cash and some people frown, do it in a checkout line and people behind groan. Can't use cash to pay for an airline ticket, many concerts and sport tickets are card or direct debit only, purchasing food and drinks at many large sporting events is card only, cafes and some boutique bars and bottle shops are card only.

When my kids were young, I taught them to always have cash as a backup, I'm glad that they still follow that advice. Cash may be on its last legs, but it is still handy.

Paying by electronic devices and card is very handy, it is also very easy to spend more than realised. At least with cash it is easy to see when your wallet is emptying.

I've always fancied myself as a bit of a rebel, I will continue to annoy the anti-cash brigade.

I haven't come across anybody frowning yet, but it happened to me twice where I would buy a higher value item say 500-600 give them cash and the teenager at the cash register would look panicked. Confirming with me its all there why would quickly put it in the till without counting it ?.. quiet amazing

 

[Belli]

We are slowly witnessing physical cash going the way of early Credit Cards.

Remember the early days? When paying with a credit card it was frowned on, extra charges added, discount for paying with cash.

Today it is the opposite. Pull out cash and some people frown, do it in a checkout line and people behind groan. Can't use cash to pay for an airline ticket, many concerts and sport tickets are card or direct debit only, purchasing food and drinks at many large sporting events is card only, cafes and some boutique bars and bottle shops are card only.

When my kids were young, I taught them to always have cash as a backup, I'm glad that they still follow that advice. Cash may be on its last legs, but it is still handy.

Paying by electronic devices and card is very handy, it is also very easy to spend more than realised. At least with cash it is easy to see when your wallet is emptying.

I've always fancied myself as a bit of a rebel, I will continue to annoy the anti-cash brigade.

Also very easy to overspend with online purchases.

I've used cash for a long time when purchasing groceries, smaller value items and petrol. Never encountered any issues. For the larger expenses, I'm OK with using a debit card (haven't had a CC for many years as I hate debt.)

I have noticed recently there seems to be a greater number using cash for purchases and not necessarily those of my vintage. It could be just serendipity with the timing or it may also be those who have decided there is a need to watch the expenses. I really couldn't say which.

I have encountered situations where the cost is say $10.90 and you hand over $11.90 to get a $1 in change but the sprout behind the counter hands you back the 90c and then another 10c from the till.

 

[Dona Ferentes]

Got a coffee really easily yesterday in busy busy Barangaroo.
"Folks, sorry, Westpac and its POS fandangle is proving recalcitrant! " (or words to that effect)
So I stepped up and was served without delay. Exact amount in coin.

 

[sptrawler]

As I posted several years ago, in Norway there is a large surcharge for using cash, I'm not convinced Australians would accept that happening here.

 

[JohnDe]

As I posted several years ago, in Norway there is a large surcharge for using cash, I'm not convinced Australians would accept that happening here.

I can see that happening here, soon.

Yesterday I was listening to an ABC program about this very subject, they were saying that it costs money and time to take cash to the bank, plus the added risk of being rob requires extra security measures. My business insurance charges an extra premium for holding cash.