PAYMENTS
“ ONCE BANKS STOP ACCEPTING CASH , OR MAKE IT EVEN MORE EXPENSIVE TO PROCESS CASH , IT WILL ALL BUT DISAPPEAR ”
ANIL MALHOTRA CMO , BANGO
some places . Romania , for example , still uses cash in 78 % of its transactions , while 63 % of Bulgarians prefer it to digital payments , along with 55 % of Egyptians and 60 % of Kazakhs .
Nonetheless , it ' s only a matter of time before innovation and convenience catch up .
Digital currencies , control and tyranny Going completely cashless benefits customers and businesses – this is indisputable . But it also benefits governments . And often , these entities don ’ t have the best interests of their citizens at the forefront of their plans .
Most Western countries baulk at the idea of following China ’ s lead , and with good reason . The country has an appalling human rights record and is deemed by many to be a complete surveillance state . It ’ s suggested that Chinese citizens must adhere to a social credit system curtailing their freedoms if they don ’ t obey state-mandated expectations ; they are monitored through biometric security technologies ; and they are data fed through mobile devices that track their every movement and transaction . Little wonder then , that the Chinese government has been at the forefront of the Central Bank Digital Currency ( CBDC ) race , already piloting digital yuan via e-wallets back in 2020 .
Digital currencies can also be used as an instrument of control against dissent – and this has been seen not only in China , but in Western nations too .
70 May 2023