Cashless Society

Cashless Society? Just Be Careful

As a country we seem to be accelerating harder into the depths of a cashless society, but social freedoms under threat, should we be more cautious?

Dumping Of Coins and Notes

Not only that, but cash machine numbers are dwindling year on year and withdrawals at the remaining cash machines are falling too. According to stats, cash withdrawal was 7 per cent down this year compared to the year before. The majority of Britons are now so immersed in contactless technology that the decline of physical cash and coins can only speed up.

Don’t get us wrong, we are fans of contactless technology. We just don't think it should be forced on people who don't want it. The ease of use makes certain life situations so much easier. There are parallels drawn between contactless payments and a reduction in tax evasion and fraudulent activities but you really do have to ask yourself: is it really a good thing to lose cash and coins altogether (and that’s the way it’s headed)? We think it could be a disaster. Yet, if we continue at the rate at which we’re going, cash as we know it just cannot play a part.

Tech Failures

There are lots of concerns, but the main one that should make people sit up and take note is the scary reliance on tech. In order for all contactless payments to work we need ever reliable technology and instant internet coverage – we may live in a digital world but nothing is ever unbreakable. What if, because of a technological failure, you couldn’t access your own money? For days? Sounds far-fetched, right? But it could happen.

Dangers of Cancel Culture

It may not be a significant threat, but it will undoubtedly be a big perceived threat by many libertarians. One can only imagine the anger as your bank cancels your account because of “wrong speak”.

If no bank will have you because of your views, how will you buy your shopping? Fuel for the car?

We don’t see this scenario as being so far-fetched. The last 15 years have seen cancel culture moving in a worrying direction, becoming more established and devastating to individuals and companies who air their views. Banks already cancel customers’ accounts for their beliefs, Mike Lindell of MyPillow.com being one of the most recent examples.

Cybercrime

Cyber crime going through the roof as people turn to digital money. Is it really fair to force the non-tech savvy to be able to keep up with their finances whilst at the same time protecting it from fraudsters? The generation that started with computers in the 1980's will be approaching an older age, but even for these people, they will have to ask how digital money really works.

Overspending is much more likely

Another issue that is concerning is that the lack of physical presence of cash and coins can often mean people spend more. It’s a child like mentality but one that is proven time and again. People spend more on plastic and contactless technologies because they can’t physically see the coins and the notes being spent. Personal debts would undoubtedly hit an all-time high.

Sweden Is Going Fully Cashless In 2023

Sweden

Whilst researching this article we found something truly astounding. Sweden is going cashless in 2023, it will stop printing notes and producing coins. It’s worth remembering that Sweden is not part of the Euro area, it still has its own currency – the Swedish Krona.

We were so shocked by this that we had to triple check it, but it is 100% true. Come 2023 cash will be no longer in Sweden. Cash machines are already being phased out.

Sweden will be watched closely by other countries. If there are few major problems, we can expect to see it copied rolled out across the rest of Europe and the UK.

What happens now

The message is clear. At the very least we need to keep cash going for as long as we can, starting today. Losing the ability to physically hold our own cash is the start of something we don’t want to experience and there are many ways in which a cashless society could be used against the average person.

As we said at the beginning, we are not against a cashless society, but we are against a forced cashless society. There always has to be some fallback method of currency should any of the issues we raised in this article appear in a problematic way.

There is too much at stake for this to go wrong. The country losing control of the default currency could cost lives.