|Big Brother is always watching|
This will happen in such a way as to permit governments to exercise incredibly powerful controls over all human behavior and activities.
While this may sound like a paranoid doomsday scenario to some, this theory is not only eminently possible, but most of the technology is already available to frighteningly make it a reality.
Technological advances have led to the creation of algorithms that can instantaneously review financial transactions, determining the nature, location and even the appropriateness of a purchase decision. These are already freely used by governments, banks, credit- and debit-card companies amd other financial institutions.
If these current trends continue, a cashless economy could thus very well lead to a complete evaporation of what we consider today as our basic Democracy and Human Rights.
Imagine a future in which a government employee, who suspect an individual of some misconduct, or perhaps even that person's politics or speech as unacceptable, could, with a few keystrokes on the computer, order all financial institutions to decline any withdrawal or payment from that individual, and freeze all other access to funds.
Perhaps, in order to show a veneer of due process, this would need to be reviewed by a secret Kangaroo court that would approve 99.7 percent of all requests.
The final result is that the targeted individuals and anyone supporting them could in fact be made to starve to death.
When it comes to creeping state control in creating a cashless society, it is therefore no surprise to find France out in front. In the wake of last year’s terrorists attacks, the government has clamped down on the use of cash.
In the Netherlands depositing cash more than six times a year even into your own personal account is penalized with a fee. All this without the Government lifting an eyebrow.
In reality, cash is far too valuable to be given up lightly. In truth, the benefits of the abolition of cash are largely oversold and certainly are not in favor of the Public.