[2019-06-21] CEO of Bank of America: “We Want a Cashless Society”

[Jgilpulg]

Today, developed countries and powerful bankers are recognizing that technological innovations such as blockchain and the Internet of Things, have doomed cash to disappear.

https://bitcoinist.com/ceo-of-bank-of-america-we-want-a-cashless-society/

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[hatshepsut93]

Cashless society is a trap, it sounds like progress to the masses, but in reality it means more centralization, more power to banks and governments, more surveillance. Payment companies are luring people into this cashless society by offering bonuses like cashback and miles, because it's profitable for them in the long run. The new hot topic - Facebook's coin Libra, is the prime example what cashless society is all about - surveillance, regulation, selling user data and sharing it with governments.

[Naida_BR]

Today, developed countries and powerful bankers are recognizing that technological innovations such as blockchain and the Internet of Things, have doomed cash to disappear.

https://bitcoinist.com/ceo-of-bank-of-america-we-want-a-cashless-society/

They want a cashless society because they obviously can be benefited from that.
There will be not any measurement in their ability of printing money or anything that has physical entity.
Still, I am not sure if they are in favor of Blockchain technology or they want to promote their own cashless societies that would work with their own rules.

[Kakmakr]

Yea sure....

The only reason why they want a "cashless society" is for the following reasons :

1. Cash is a expense for them, because they need to secure and handle it and it increase the risk of Bank robberies.
2. Cash transactions are difficult to track.
3. Cash needs extra infrastruture like vaults & ATMs and cash counting machines etc.
4. People spend more when they do not handle physical cash. <It is easier to swipe a card and every time you swipe, they get fees>

So do not think they are doing it for their customers, because they are not... it is just a push for more profits!  

[5ensei]

Cards are dooming cash to disappear and there needs to be more ways for crypto to be usable by cards and mobile phones. Just wait for the lightning network to go mainstream across the world and we will be well on the way

[magneto]

A cashless society doesn't necessarily mean an economic system, or a currency based on decentralised cryptocurrencies at all. There should be a clear line between the two.

What they mean is that they would want a cashless society, in which a central entity still maintains control of the currency supply, and banks would transact with each other on a completely virtual basis.

Obviously this presents various benefits to themselves. Costs are minimised, it makes things much more traceable for the authorities, and also for the banks themselves to analyse spending patterns on. It's really not something that they endorse based on the ideologies underlying bitcoin, so don't get it twisted.

[Sithara007]

Obviously he want a cashless society, as it will be easier for him to burden the ordinary citizens with more and more taxes. Here in India, we are paying a direct tax (income tax) of 31%, on top of indirect taxes on everything that can go up to 28%. Even after all this, if we manage to have some savings, then we need to pay the long-term capital gains on them as well.