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Shedding light on the silent war on cash

October 18, 2016
Cash should not be dismissed behind closed doors as those with the most to lose are ordinary citizens.
Communication Team / Equipo de Comunicación

Citizens are not concerted

There are many reasons why cashless payments might be considered convenient, but consumers are enjoying the freedom that comes with a vast selection of payment methods. Nevertheless, they are not consulted in the silent struggle that’s going on between economists, banks and governments to abolish cash altogether.

Banks have a real motivation to go cashless

Cash management is considered costly and complicated and the returns on it are nothing in relation to the earnings that can be made with debit and credit cards, or any other payment method that banks manage directly – clearly illustrating why banks are so eager to get rid of physical money.

No change, no gain

The motivation behind banks’ desire to get rid of cash can be understandable, but they should not have the final word. They are private enterprises that structure their business around the incessant search for more efficient processes and greater returns.

A shift to a cashless world will have an impact on society as a whole. Every transaction will be monitored. In times of economic crisis, citizens will be required to pay to store their money (negative interest rates) and will be more vulnerable to digital fraud. Each citizen’s earnings will be accessible, putting everyone at the mercy of banks or tyrant governments.

“Money is coined liberty” said Russian author Dostoyevsky back in 1861 – and it should not be so easily dismissed behind closed doors.

To read the original article, please click here.

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