It feels like yesterday when the cashless policy was introduced in my country. It was hard at first because it was something new to many of us, and to make matters worse, cash became scarce because the government really wanted people to get used to life without physical money.
Some people adapted quickly, especially those of us who were already active online and familiar with digital wallets and blockchain. Even then, it wasn’t easy because many of the people we bought things from were elderly traders who knew little about the digital world. If we didn’t have cash, they often wouldn’t sell to us.
Because of that, things became stressful. We found ourselves constantly looking for cash. Even today, some traders still prefer cash, but the difference now is that POS agents are everywhere, so it is much easier to withdraw money and give them the cash they want.
I actually love the cashless policy because it has many advantages. You can move around with a large amount of money without anyone knowing you have it. You can also transfer millions with just a few taps on your phone, unlike the old days when people had to visit the bank or carry huge sums in bags, sometimes putting themselves at risk of robbery.
One disadvantage of digital money is how you can lose your life savings in just a few minutes. Yes, I know there are passwords, PINs, biometrics, and other security measures, but those protections become useless if you are forced to hand them over.
I recently heard about someone who thugs attacked on his way to work. They took his phone, demanded his password, and transferred all the money from his bank account before leaving with the phone. Just imagine finding yourself in that situation, where you are forced to give criminals access to everything you have worked for.
Another concern I have about digital payments and the possible removal of cash is how governments could use the system against citizens.
A new taxation method was recently announced, and I realized that many people may find it harder to avoid because the government can now monitor income inflows. If cash were ever completely removed and digital money became the only option, every amount coming in and going out would be visible to the authorities, leaving people with very little financial privacy.
So, as much as digital money makes life easier, I don’t like the fact that it can also be used against citizens by the government. That is why I wouldn’t want to see a future where digital money is the only option.
I like the balance we have now, where both cash and digital payments coexist. It is the best of both worlds. People who prefer cash can use cash, while those who prefer transfers can pay digitally. Giving people the freedom to choose is, in my opinion, the better approach.
Just call me Burl.
I am a professional gamer, motivational speaker and a crypto enthusiast
Discord: burlarj
Twitter id: burlarj1
Telegram: burlarj
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