Every day, I see stories about people who are IRATE, and going into a FRENZY about having to wear a mask. I see countless stories like this, but should we be as upset about a society that is cashless?
This just might happen if the country decides to create the “digital wallet.”
A key component of this is the ‘Banking For All Act’, sponsored by the Ranking Member of the Senate Banking Committee, U.S. Senator Sherrod Brown (D-OH):
“At the height of this pandemic we must do more to protect the financial wellbeing of hardworking Americans and consumers. They are on the front lines of this crisis and are already feeling the effects of the economic fallout. My legislation would allow every American to set up a free bank account so they don’t have to rely on expensive check cashers to access their hard-earned money.“
Think about it: If we go cashless, does that mean the government can not only deposit money into your account, but take it out as well?
What are your thoughts? Is going cashless something we should be concerned with? Are wearing masks are biggest concern?
While some may not think this is something to worry about, a good example of that is China. China automatically takes money out of people’s accounts to pay fines, prevent you from making certain purchases and freezes accounts as well. They do this via their Social Credit System:
“Certain personal information of the blacklisted people is deliberately made accessible to the society and is displayed online as well as at various public venues such as movie theaters and buses, while some cities have also banned children of “untrustworthy” residents from attending private schools and even universities.”
Could be a dangerous invasion of privacy and reducing of our rights? Time will tell.