By Robin Itzler
A cashless society means government has more control over your financial assets, specifically cash. Yet, in America, more stores and businesses are posting signs that they are moving to cashless, which is also referred to as contactless. You pay with a debit or credit card (physical card or app) or you don’t make the purchase, get treated by the doctor or enter the facility.
But why bother dragging out your card or phone app when you can have a microchip implanted in your hand (NFC or RFID technology)? Reportedly in Sweden, some 6,000 people have already gotten microchipped.
Well, we’ve been microchipping our dogs and cats for many years, but that was solely in case they were lost. Putting a microchip in your hand so that you can make purchases (and thus have your hand containing much of your financial information), is very Orwellian.
Who knows how many other left-leaning nations will follow suit? Yet, recent blackouts in Portugal and Spain have reminded people that cash is king when there’s no electricity. Ditto for those who live where a natural event (earthquake, hurricane, tornado, or flooding) could destroy electricity for short or long periods.
The GOOD news is that nations are saying NO to becoming cashless societies:
Hungary—Its Parliament just passed a constitutional amendment stating that paying with cash is a fundamental right.
Norway—Effective May 1, cash must be accepted or else the business will be heavily fined. Norway’s former justice and emergencies minister Emilie Mehl said:
“If no one pays with cash and no one accepts cash, cash will no longer be a real emergency solution once the crisis is upon us.”
Sweden—Just a few years ago, the nation was on the path to becoming a cashless society; however, it now has reversed the stand and urges citizens to maintain a cash reservoir in case of emergency (including war).
Read Corepay’s pros and cons of a cashless society and then decide.
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