Are we running out of time before the 'beginning of the end' of cash?
'There is an ominous development on the horizon', mused Richard Giedroyc (author of The Everything Coin Collecting Book) in a hair-raising look back at a few trends leading to a cashless - ney, privacy-less future.
Triggered by recent Vancouver Sun newspaper observers concerning the 'beginning of the end' for cash, Giedroyc looks at whether the ethically imposing policies of Epicentre, South Korea's coinless trial and Australia's potential cashless commitment will actually lead to such a future.
"One of the greatest arguments posed in favour of retaining physical cash is privacy. Is Big Brother watching? Could Big Brother seize or freeze all your cash assets if all currency is digitised?"
'...The Vancouver Sun article quotes Kit and Ace spokeswoman Anna Cordon as saying Kit and Ace stores in North America, Great Britain and Australia have all gone cashless. "We don’t have phones on the shop floor, and we don’t accept cash … Our goal is to save people time and remove clutter while shopping."
'Not everyone agrees. Credit card companies charge merchants at least 1.5 percent on each transaction. Canadian Federation of Independent Business Executive Vice President recently said, "For a small business on a slim margin, these can be big costs. Customers are usually very aware of their own fees, but they are often unaware [that] when a business takes credit card transactions, business owners are paying fees, as well..."'
“Even in this digital age, cash remains essential in our economy...”