The central banks want your cash. And the “cops” want the data that comes with a cashless society.
(From The Market Oracle)
We are living in a world where paper fiat money is becoming a novelty.
In Australia, Citibank has just become the first to declare that it no longer will accept notes or coins. Only digital transactions. This follows on the heels of India banning large cash denominations.
The cash-oriented changes of these two countries are especially troubling in light of the eventual plans to phase out large denomination euro notes and the US 100 dollar bill by 2018. Just as the Economist predicted nearly 30 years ago, the world is going cashless.