The Push To Kill Cash:

The Push To Kill Cash - Next Up Is Australia

The supposed coordination of governments and tech companies to create a one-world, cashless society is often viewed as little more than fodder for silly YouTube conspiracy videos. After all, cash is still king in daily life, even in extremely high-tech, innovative societies like Japan. 

Upon closer examination, though, current realities like Australia's proposed cash transaction ban for 2020, the continuing removal of higher denomination bills from several world economies, and the creation of centralized, state cryptocurrencies by governments worldwide cannot be ignored.

These trends signal a global push to kill paper money in the name of safety, security, and financial inclusion.

Australia's "Black Economy Taskforce" wants to put people accepting over 10,000 AUD (~$6,750) in cash in the slammer for up to two years, or fine them up to 25,000 (~$16,890), in an ostensible bid to fight black market economies. The Currency (Restrictions on the Use of Cash) Bill 2019 states:

Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.

Note the similarity here with talking points of other governments. India's Prime Minister, Narendra Modi, when announcing the devastating surprise removal of 86% of the country's circulating paper cash in 2016, proclaimed:

Black money and corruption are the biggest obstacles in eradicating poverty.

Not surprisingly, Modi's shock move put the dominantly cash-based society in a panic, forcing people to take their now worthless 1,000 and 500 rupee notes to banks within 50 days of the announcement, to exchange them for smaller denominations. Now The Royal Bank of India is moving to ban all cryptocurrencies but one, the state-approved, digital rupee.

The removal of large cash bills is a worldwide, ongoing reality, with the European Central Bank (ECB) stopping production of the 500 euro note earlier this year. The note, dubbed by the media as "the Bin Laden," was said to be used disproportionately in financing terrorism. 

"If everyone is holding cash, negative interest rates become useless." These are the words of former People's Bank of China (PBOC) governor Zhou Xiaochuan after the Chinese government had just completed a trial run of their new national cryptocurrency back in 2017. Now the country's sovereign digital currency is "almost ready." Zhou has also officially stated:

At the current stage, the central bank's major goal of issuing digital currency is to replace the physical cash.

But this is not a perfect world. Governments are corrupt. Artificial monopolies and seas of red tape exist, keeping the life-threateningly impoverished and entrepreneurial from accessing crypto and banking services via strict KYC and AML policy, and by mandating, like Modi in India, that their hard-earned and hard-saved money is worthless. People already have the opportunity for extreme financial inclusion.