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How Cryptocurrencies and Cashless Economy are weakening people





The rise of digital assets is a revolution in the digital and financial world; for the first time, consumers can make direct money payments across the globe at the speed of the internet. The widespread use of digital assets would allow consumers to transfer money near-instantaneously rather than rely on a series of intermediaries to conduct a single transaction.

The extraordinary promise and rise in popularity of digital assets are prompting lawmakers, regulators, and economists to examine tools such as a Central Bank Digital Currency (CBDC). A CBDC is a profoundly dangerous tool that threatens consumer privacy and security as well as the continued innovation of the digital asset market.

Although this nightmarish scenario may have seemed like a distant dystopian future not too long ago, the fragile reality of an increasingly cashless society is on full display in 2022. In an attempt to squash the voices of those who disagree with his preferred policies, Canadian Prime Minister Justin Trudeau froze the bank accounts of protesters. The widespread use of a CBDC would increase the ability of petty tyrants to control the finances of their citizens and silence voices of dissent.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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Top Ten Things To Know

The debate

How Cryptocurrencies and Cashless Economy are weakening people

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Cahsless troubles: the San Diego example