When I talk about the war on cash and a cashless society, some people think I’m exaggerating the threat or they don’t take it seriously.
But I’m not exaggerating the threat. It’s here, it’s growing and it’ll only get worse. Today I’ll show you the latest example.
The proponents of the cashless society cite convenience as a major benefit. Why bother having to tote a bunch of cumbersome cash and coins around when you can just swipe a card or pay with your smartphone?
Besides, they say, cash enables criminal activity on the black market. Cash is the money of crime. And in some respects, they’re right.
Swiping a card or scanning your smartphone is certainly easier than having to get cash from a bank or ATM and lugging it around in your wallet, dealing with change, etc.
If you eliminated cash and replaced it with digital money, it would impact the black market (though they’d figure out a workaround).