BIG Brother is coming for your wallet.
From expiry dates on $100 notes and cash payment limits to tracking chips, internet snooping and now central bank-issued digital fiat currency, the battle plan for the war on cash is taking shape.
With the federal government’s Black Economy Taskforce set to hand down its final report next month, the head of the corporate watchdog has weighed into the debate with an ominous prediction.
Speaking to the The Australian Financial Review on Monday, ASIC chairman Greg Medcraft predicted traditional bank accounts may be unnecessary within a decade as central banks begin issuing their own Bitcoin-style digital fiat currency.
While central banks already have digital settlement accounts with the financial institutions, Mr Medcraft predicted that those would soon be extended to everyday transaction accounts for the general population. Full story...
Related posts:
From expiry dates on $100 notes and cash payment limits to tracking chips, internet snooping and now central bank-issued digital fiat currency, the battle plan for the war on cash is taking shape.
With the federal government’s Black Economy Taskforce set to hand down its final report next month, the head of the corporate watchdog has weighed into the debate with an ominous prediction.
Speaking to the The Australian Financial Review on Monday, ASIC chairman Greg Medcraft predicted traditional bank accounts may be unnecessary within a decade as central banks begin issuing their own Bitcoin-style digital fiat currency.
While central banks already have digital settlement accounts with the financial institutions, Mr Medcraft predicted that those would soon be extended to everyday transaction accounts for the general population. Full story...
Related posts:
- A sinister war on our right to hold cash...
- Cashless transactions a thing of past in Andra Pradesh...
- Australia seeks to remove $100 note from circulation...
- The countries where cash is on the verge of extinction...
- They are after your cash (and if this happens they will get it)
- More people keeping cash outside banks...
- Why we should fear a cashless world...
- But who is the governments’ strongest ally in their War on Cash?
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