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LETTERS: A cashless society would come with its own risks

Editor:

Re: Cash only from now on, Oct. 13 letters

Christina Eden makes a compelling case for “No more credit cards. Cash only,” due to significant bogus charges on her husband’s credit card account. For anyone these charges are concerning but for a couple that are better than 80 years old it could cause significant distress and anguish.

Christina is indeed fortunate to have knowledge of the law, but sadly this is likely to be the thin end of the wedge. Over 85 per cent of global central banks are exploring the introduction of a cashless society. These Central Bank Digital Currencies (CBDC) are promoted for their speed and convenience for the consumer. However, we can observe this system in place in China, where its use commenced in 2014, and then decide who benefits.

The Chinese government uses the system to monitor and control where and on what items the people can spend their money.

They do this through a Social Credit System (SCS) which reports on the ‘trustworthiness’ of individuals across the country. Behaviour that can negatively impact a persons SCS score includes bad driving, jay-walking, posting fake news and even buying too many video games.

When someone’s SCS score is too low they can then be restricted on being able to fly, take the train, have their internet speed restricted and even in gaining access to credit.

Former U.S. Vice-President, Mike Pence, called it “an Orwellian system premised on controlling virtually every facet of human life.”

Concerning words indeed. Nonetheless, the US Federal Reserve announced this month that six of the major U.S. banks are scheduled to commence an ‘analysis exercise’ in 2023.

A company, Doconomy, in partnership with Mastercard, has developed a credit card to track the carbon footprint of all purchases and cut off the spending when someone hits a personal emissions limit.

A cashless society would stop inclusion of a $20 bill in a birthday card as well as making the payment of a babysitter considerably more restrictive.

While the younger generation may accept control of their financial choices, I suspect the more seasoned members of the public know their history and remember their grandmother’s advice well enough to mistrust central control.

Please do your own research and be informed about what is coming. I am with Christina and paying cash.

David Hutchinson, Surrey

Letter to the Editor

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