Will Blockchain Technology Replace Cash?

Will Blockchain Technology Replace Cash? (Source thetrumpet.com) The European Central Bank (ECB) decided on May 4  HYPERLINK “http://www.dpa-international.com/news/top_stories/ecb-announces-withdrawal-of-500-euro-banknotes-a-49194000.html” \t “_blank” to withdraw the €500 banknote from circulation by the end of 2018. The stated reason is that the bill is often used for illicit cash transactions. Although most supporters of this policy say they don’t want to totally abolish cash, some economic analysts believe a cashless monetary system will be the next step, leading to the loss of many freedoms. The German government also plans to limit all cash transactions to less than €5,000, saying that terrorism is often sponsored by high-cash transactions. The March terrorist attacks in Brussels, Belgium, gave these advocates a significant push forward. Even after banning the €500 note, millions of euros could still be carried in a small handbag. Nobert Haring, a German economist and business journalist, explained in  HYPERLINK “http://www.n-tv.de/wirtschaft/Der-Weg-in-die-totale-Kontrolle-article17180146.html” \t “_blank” an interview with N-tv that terrorists would not be bothered by the planned limit on cash transactions. He said a total ban of cash would be required to have an effect on terrorists. But economists fear that a cashless society will give authorities unprecedented control over their citizens. Spiegel columnist Sascha Lobo  HYPERLINK “http://www.spiegel.de/netzwelt/netzpolitik/sascha-lobo-bargeld-kann-man-nicht-ueberwachen-a-1075430.html” \t “_blank” wrote on February 3, “The HYPERLINK “http://www.spiegel.de/netzwelt/netzpolitik/sascha-lobo-bargeld-kann-man-nicht-ueberwachen-a-1075430.html” \t “_blank” ban on cash payments over €5,000 could be just the first step. Finally, the abolition of physical cash offers fantastic new surveillance capabilities” . In a cashless society, the government could electronically track and control ongoing transactions.

Leave a Reply

Your email address will not be published. Required fields are marked *