For example: in Canada, the bank accounts of those who protested were literally frozen (for simply speaking out or being critical) and talks of potential CBDCs (aka. used to deduct funds from one’s account as a fine) whilst considering on abolishing cash altogether.
The alternative (for now at least) may be Crypto (online) until they consider that “illegal” in the future penalizing those who are using it, framing that as money laundering or tax evasion, whilst pushing their propaganda of “tap & go is safe & convenient”.
The answers are divided between:
- “Cash is King” (it allows anonymous or “private” transactions between you and the merchant)
- “Contactless” (convenient, but your purchases & transactions are monitored by the state)
Cash is apparently the last bastion of “anonymous” transactions where it doesn’t appear on one’s statement and one gets to keep their money without the state deducting it from their account since a nation’s central bank has monopoly over CBDCs and one’s funds.
That’s not even the end of it: them trying to make BTC or equivalent illegal by making CBDCs the default replacing gold overnight, it would mean all those bills you have are worthless. At this point, the only payment method is CBDCs that are linked to one’s digital ID.
I remember reading an article from Australia where a woman requested to withdraw a five figure sum (over 20k) in cash from her own bank account but they’re like “sorry, we can’t do that” making excuses on the way of “need proof on how you acquired such money”, even though she provided all the evidence, they still refused anyway. She was like “WTF? It’s my own money!” so there’s a possibility that banks dictate how much one can withdraw.
Same in the UK, but its more a case of protecting people or who are liable to being scammed.
That happened to me in the US once. I deposited a paper check (cheque) for a large sum, and Bank Lady started asking questions. She was trying to protect me against scammers. There are scams where the perp gives the mark a bad check. Mark deposits bad check, withdraws funds immediately which banks let you do if you’re a customer in good standing. Mark gives funds to perp. A few days later, bank discovers the check is bad, unwinds the transaction. Now the mark is out the money. The perp has gone to ground and cannot be located.
I assured Bank Lady that I knew about that risk, and I trusted of the origin of the check. That satisfied her.