… From supermarkets and cafes to public transportation, most payments are now made exclusively through mobile apps such as WeChat Pay and Alipay.
The two platforms have become essential tools for daily living in the world’s second-largest economy …
The shift is especially visible in urban markets, where even fruit and vegetable sellers rely on mobile payments. Most taxi drivers no longer accept cash, and many small neighborhood shops lack the ability to provide change, discouraging cash transactions altogether. …
Is that so different from the US, where most transactions take place using credit or debit cards?
Given that much of the developed world has already largely switched to non-cash (digital?) transactions, what would be the role of a Central Bank Digital Currency? It seems that, functionally, that niche has already been filled.
Being able to hold the Central Bank accountable for the amount of currency they issue? It’s even more important when payments are digital.
Moreover, a blockchain-based digital currency is even more important to allow decentralized transactions versus a system that’s controlled exclusively from the top down.
The short answer is what the swamp creatures always work toward: CONTROL. Most of the present digital currency transactions are voluntary and that is not what the usual suspect control freaks have in mind. They intend an inherent “permission” function for every type of transaction - like some of the CC companies (in true fascist style) have tried to implement (as for gun purchases, citing their supposed “reputational harm” and other lies - repeated/amplified uncritically by Touting convenience, they hope to introduce a CBDC, then track - and then control - every single transaction.
Once extant, a CBDC will forcibly crowd out every other payment option either by direct legislation, or by sly regulation (out of existence). Think gun control - where the strategy of complete ban guns is tactically being implemented piecemeal. That’s what we can expect, eventually, for all other digital currencies except the “official” one. In passing, I imagine there may be some interesting court rulings on the ‘legal tender’ clauses of the Constitution - especially whether or not the federal government is obliges to issue some form of tangible money. Hang onto your hat. It may be a bumpy ride.
This is yet another example of metastasis of the cancerous transformation of the deep state. See news reports today of Hillary (retch) demanding the those who post “misinformation” (= any disagreement with her) be imprisoned. Fear not, there will be CBDC chits for prisoners - so they may buy organic veggies behind bars.
That is part of what confuses me. Clearly, the Powers That Be today would have no problem determining that I used a credit card to sign up for a pedo-porn site. And if I tried to make that transaction over the phone, they would have no problem listening in. OK, they might face some challenges using that information in court – but what does that matter when they can send the FBI to bust in the door at 4 am and burn the house down? … they also know where I live.
The Ruling Class can (and does) already track everything we do. Our only safety lies in the fact there are so many more of us than them – but now AI is leveling down that advantage.
In recent years a growing number of countries in Europe have passed or proposed legislation to protect the right of citizens to use cash as payment. They include Switzerland and Austria, two countries where cash is still very much King, as well as Slovakia, where the Robert Fico government last year passed an amendment to the constitution intended to protect physical payments from a future in which the digital euro becomes mandatory.
add:
I am meeting a friend for lunch or dinner next week for sushi. This restaurant only accepts cash (since 1979). I recommended the place and he agreed.
He wrote: Also, let’s not forget, cash only == smaller government, more freedom
IMHO; as a low level consumer, what I fear is hacking.
I fear loosing the little I get from retirement income to a hacker.
As an aside, Maybe I’ve finally got the problem solved as a nasty person was using my veteran’s discount at Home Depot without my permission. I had to totally delete that account and start a new one at a new email address and with a new phone number. I left the old email active to see if they do it again as they changed the name, the address, on that account, but they couldn’t change the email address.
Imagine loosing your phone and / or have your account accounts hacked, it’s a lot more that a veteran’s discount.
Entirely more plausible with an all digital society.
I’ve never understood the objection to sending Iran cash. The assumption seems to be that if the funds were wired, we’d somehow have visiblity to how the money was spent, whereas with cash, we wouldn’t. But I don’t think that line of thinking holds up. Suppose the money had been wired to a Swiss account—it’s not like Iran would start writing checks to terrorist groups. If I were in Iran’s position, I would withdraw all the money immediately—perhaps by purchasing gold, shipping it to Tehran, and melting it down—at which point, it becomes completely untraceable. Physical currency, on the other hand, can be tracked: serial numbers can be logged, bills marked, and movements monitored. I wouldn’t be surprised if our intelligence agencies recorded every single serial number on the bills that were sent. In fact, it’s entirely possible that sending cash gave us more visibility—not less—and may even have been a cleverly designed intelligence play. That being said, I’m sure the Iranians aren’t stupid enough to fall for something that obvious.
Serial numbers can be tracked in theory. That was the reason given for giving guns to Mexican cartels, aka fast and furious which was a total disaster.
Obama had zero intention to track Iran. He wanted Iran to go nuclear mainly to alienate Israel especially Bibi.
He celebrated Ramadan at the White House which is borderline treason.
Is it? I mean, we let in thousands (millions?) of Muslims into the country and give them citizenship. Are they not Americans too? If so, why shouldn’t their culture and religion be celebrated at the White House once in a while? Is it okay to celebrate Jewish holidays? I’m being argumentative not because I necessarily disagree with you, but to point out the hypocrisy and schizophrenic nature of our country. I’ve gotten over the fact that America no longer represents me, my culture or my values (and maybe it never has). This is why I don’t give a damn about what they celebrate at the White House and, incidentally, why I would never support an American war or military action again.
Peace & stability come from the minds & hearts of men – not from a nuclear-armed Mexican stand-off.
Arguably a nuclear-armed stand-off would be better than continual fighting … but it would not be peace & stability. It would be an unstable equilibrium.
At this point, I couldn’t care less about winning hearts and minds—I’d be happy with a cold war-like equilibrium—a Mexican stand-off if you will. I don’t undestand how two knuckle-heads duking it out in the Middle East become our problem anyway. We’re dealing with ancient animosities and blood feuds here…we’re never going to solve their problems. One of the reasons why America was founded was to make a clean break from all this crap.
Islam is antithetical to Western values which are heavily influenced by Judeo Christian values.
From day one, Islam has hated the West. Even before the Crusades, there was the battle of Tours and the conquest of Spain by the Moops.
Now we have Muslim immigrants literally invading the West and literally raping Western women. This time it’s easier because we have internal traitors who hate the West and encourage Muslim thuggery.
Iran is the one thingenemy Israel and the Arab states have a common strategic interestcan agree on: the enemy of my enemy is my frenemy.
Notice how none of the Arab countries objected publicly to Israel and USA destroying Iran’s nuclear facilities, particulary enriched uranium which has no civilian purpose.
Since 1979, Iran has been a problem. I’m not calling for regime change but we cannot allow a nuclear Iran. That is a red line we have to enforce.
I agree that we need to do a house cleaning, but we can’t blame Iran for this or the Muslims in general…it’s certainly not a reason to go to war with Islam.
