alt Hacker NewsYes and I find this deeply wrong - what politician would you trust with this decision? Debanking is also wrong in my view.
I think we should focus on laws against things like that which lead to tyranny rather than attempting to stop progress.
Cash in particular is expensive to produce/process and no longer honours the promise printed on it, it will be phased out as the transactions with it approach 0%.
Cards are really no different than a token in a phone and don’t work for long either in the absence of a network (both will work offline but do need to be reconciled). I haven’t habitually carried a card in about a decade, I think for similar reasons to cash they will die off by general consensus.
Cards are significantly different from a token in a phone:
1. They are physically separate. They are not likely to be stolen at the same time as a phone. 2. They do not require battery.
Cash has the same advantages, but even more so as it does not rely on networks at all.
If you only have phones as a means of payment what do you do if you phone is lost, stolen or out of battery? How do you even buy a new phone!?
I think phasing out cash is very short sighted. It is robust and reliable. There is a good reason the Swedish central bank recently recommended that people keep a certain amount of cash at home (1,000 SEK, equivalent to about £80/$108/94 EUR, per adult).