Dominic Frisby has published an article in The Guardian discussing why we should all fear a cashless world. He argues “it will hand yet more power to the financial sector in that banks and related fintech companies will oversee all transactions.” Every payment you will make will be traceable.
“In a world without cash, every payment you make will be traceable. Do you want governments (which are not always benevolent), banks or payment processors to have potential access to that information? The power this would hand them is enormous and the potential scope for Orwellian levels of surveillance is terrifying.
“Cash, on the other hand, empowers its users. It enables them to buy and sell, and store their wealth, without being dependent on anyone else. They can stay outside the financial system, if so desired.”
I find it interesting that Frisby never compared cash to Bitcoins or to the newer Ethereum, the other methods of keeping your financial transactions private and “outside the financial system, if so desired.”
Dominic Frisby’s article, Why we should fear a cashless world, may be found at http://www.theguardian.com/money/commentisfree/2016/mar/21/fear-cashless-world-contactless.