So here’s a digital/tech few talk about: the coming cashless society. Do you think it’s a conspiracy theory? Then why is Japan working so hard to create cashless banks? But they’re not the only ones. Is Australia trying to go cashless?
Effective in 2019, the Australian government will bans cash transactions of more than $10,000. That means you won’t be able to buy anything more than $10,000 with cash. You’ll need a check, credit/debit card, or other for of payment. Basically, you’ll need a form of payment in which they can track you. Australian government leaders say this will combat tax evasion. They also say fight crime like drug dealing, terrorism and cyber robberies and attacks. We’ll see.
So most of us don’t walk around with $10,000 in cash buying stuff. But many businesses, even IT service ones, hate this decision. One man, who runs a security business, says 95% of his business is cash transactions bigger than $10,000. There are other businesses that claim they do millions of cash actions a month. So as you can imagine, they’re not happy about this either. However, on the other side, IT support leaders want this, and not just an Australia. Twitter CEO Jack Dorsey himself wants a day where Bitcoin is the global currency period.
But why am I talking about Australian technology in a Boston computer service shop? Because the cashless society movement isn’t just Australia’s, or Japan’s. In Australia, 32% of all transactions are done through cash. Here in the USA, that number is 37%. This includes little thing, like cups of coffee. India is so bent on digital currency that they’re banning 500 and 1,000 Rupee bills (that equals to $7 and $14 USD). The money scene is changing globally. Computer technology plays a huge role in that. Is Australia trying to go cashless? Maybe I’m asking the wrong question. Is the world trying to go cashless?