The War On Cash — And What it Means for the Future of Privacy and Freedom

By Carolanne Wright

Contributing writer for Wake Up World

Like many, I too was enamored with the advent of debit cards and other technological advances to make shopping easier. The convenience of not needing to cart around cash and fumble for exact change seemed liberating in its own way. This was decades ago, of course, and much has changed in how I view electronic transactions. What once was a starry-eyed love affair with a new technology has now morphed into horror as the ramifications slowly come to light.

Regardless, nations around the world are hell-bent on herding everyone towards a completely cashless, digital society. Which begs the questions: at what cost to our privacy and freedom? Is such a move Big Brother’s dream come true?

Corruption, Control and the Crusade Against Cash

Last November, Indian Prime Minister Narendra made a shocking announcement: the government would now ban 500- and 1,000-rupee bank notes, in a move to curb corruption and increase transparency — by forcing Indians to deposit undeclared money into banks. The problem is, about half of the population do not have bank accounts.

While the value of the notes — $7.37 and $14.75 US, respectively — may not seem overtly concerning, the two bills account for 86 percent of all India’s cash in circulation. Citizens were given just under two months, until the end of 2016, to trade in the bills for new rupee notes. Credit Suisse estimates that more than 90 percent of transactions in India are currently cash based. When the popular bills were outlawed, long lines at bank branches formed to exchange the bills, only to have the financial institutions run out because of poor planning.

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