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Last viewed: 6 days ago
Uploaded: 17 Aug 2019 (7 years ago) · Shared: 08 May 2020
Duration: 10:05
Uploaded: 17 Aug 2019 (7 years ago) · Shared: 08 May 2020
Duration: 10:05
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Cashless society seems like an inevitable progression into an easier, faster and more convenient future. But this comes at a huge of cost of privacyand anonymity of cash payments, and freedom from control over people's funds.
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Limiting cash payments and banning high-value bank notes is becoming a global trend. In France the cap on cash transactions is only 1,000 euros and in Italy it’s at €2,999.99. The European Central Bank has recently stopped issuing €500-notes, although they will remain accepted as a legal tender indefinitely. India’s Prime Minister Modi banned the use of 500 and 1,000 rupee notes basically overnight. In Sweden, no high street bank in big cities handles cash anymore with 85% of the population banking online.
Sources:
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[8] https://www.bloomberg.com/news/articles/2016-05-04/ecb-decrees-slow-death-of-500-euro-note-in-fight-against-crime
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[18] https://www.zdnet.com/article/identity-theft-credit-card-fraud-cost-us-consumers-16-billion-in-2016/
[19] https://www.irs.gov/pub/irs-soi/p1415.pdf
[20] https://itep.org/fact-sheet-apple-and-tax-avoidance/
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[27] https://www.bbc.com/news/business-27717594
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What is Surveillance?Surveillance is the monitoring of behavior, activities, or information for the purpose of influencing, managing or directing. This can include observation from a distance by means of electronic equipment, such as closed-circuit television (CCTV), or interception of electronically transmitted information, such as Internet traffic. Surveillance is used by governments for intelligence gathering, prevention of crime, the protection of a process, person, group or object, or the investigation of crime. Surveillance can be viewed as a violation of privacy, and as such is often opposed by civil liberties activists.
What is Cashless?A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins. Transactions are through the transfer of digital information (usually an electronic representation of money) between the transacting parties. Cashless societies have existed from the time when human society came into existence, based on barter and other methods of exchange, and cashless transactions have also become possible in modern times using digital currencies such as bitcoin.
