Friday, December 09, 2022

Not A Fan of Digital Currency

I like cold, hard cash.  I don't want government to be able to "shut off my money", which they'll be able to do in an entirely cashless society.  I don't want government to limit how much money I can get from the bank, either:

Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy

The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.

Don't forget what Castreau did up north last winter.

1 comment:

Ellen K said...

One of the biggest divides I have with my daughter is the concept of digital money. She worked for BofA for five years and now is a fraud auditor for Ally. She says "all" banks will be working in just digital in five years. I say BS. We moved out of BofA when she stopped working there and joined a local credit union. The change was pleasant-the banker knew us BY NAME and has greeted us personally when we show up. At BofA I had to make an appointment days in the future and even then, it was a new person every time. In addition she informed me all the big banks are looking to cryptocurrency as a way to bridge exchange rates. I saw what happened with FTX and without some sort of laws in place, this will happen over and over. At 66, I don't have time to start from scratch. I've long said that loyalty cards for grocery stores could easily be used to control purchasing. Imagine a dark future where you walk into Krogers to buy a birthday cake and ice cream only to be told you cannot do so because you or someone in your family has a weight or health issue. It would not be that hard to do.