Power & Profit Fuel War on Cash in Europe

But who benefits from the War on Cash?

In the wake of the attack on the Christmas market in Berlin in December, the European Commission granted customs and police authorities sweeping new powers to seize cash or precious metals carried by “suspect individuals” entering the EU. People carrying more than €10,000 euros in cash already have to declare this at customs when entering the EU. The new rules would allow authorities to seize money (or precious metals or bitcoin) below that threshold “where there are suspicions of criminal activity.”

It was the latest step in the War on Cash. The powers that want to kill off cash include private and central banks, fintech firms, Silicon Valley magnates like Tim Cook and Bill Gates, telecom behemoths, credit card giants, assorted NGOs, a bewildering alphabet soup of UN agencies and many national governments. They all have their own disparate motives for taking out physical money.

They already have vital technological and generational trends firmly on their side, as well as the the added bonus of widespread public ignorance, apathy, and disinterest. As such, cash’s days as a commonly used payment method may well be numbered anyway. But it could take decades for it to die a natural death, if indeed it does. Cash’s enemies would much rather accelerate its demise

Continue reading the article at WOLF STREET

One thought on “Power & Profit Fuel War on Cash in Europe

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s