Australia is pushing for a cashless society, but it’s unclear where the initial thrust came from. This is of course peculiar all the more so since such major policy shifts don’t simply manifest themselves without a partisan.
The arguments in support of a cashless society are many – including the fight against corruption, against tax evaders and the cost of handling cashMoney in physical form such as banknotes and coins. More – yet none have a dedicated spokesperson or supporter. In his article for GT News, Ryan King argues that the absence of any one person or group championing for such measures is a clear indicator that the source of the thrust comes from lobbies.
But which ones? Clearly all those that would greatly benefit from cash’s demise. Cash handling costs are mostly shouldered by commercial banks. Law enforcement authorities can find it very hard to track criminal paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More schemes in their investigations when large sums are carried out in cash. Tax enforcement authorities are unable to verify if all earnings were truly declared when cash is still in the picture. All three see the benefits of a move to cashless, yet none want to be in the spotlight and, worse yet, none are informing the greatest loser in this scheme: the public.
To read more, please click here.