Australian Banks Restricting Cash Raises CBDC Fears

If you’re tired of censorship and dystopian threats against civil liberties, subscribe to Reclaim The Net. Headlines across the globe see Australia making aggressive moves towards a cashless society, a move that gravely threatens the last bastions of economic privacy and individual autonomy. Are Australia’s major banks merely championing the cutting edge of financial convenience, or is there a more pernicious hidden agenda seeping into our digital economy? It certainly appears that Central Bank Digital Currencies (CBDCs), the potential beneficiaries of a cashless society, could become the shackles of a future technocratic authoritarian world. Of note, two key issues have constantly shadowed the glittery promise of CBDCs. Stripped bare of the intricacies of digital finance, these issues are glaringly simple: a cashless society, necessary for CBDC proliferation, eradicates all scope for trade privacy. Consequently, a switch to this digital model hands unmitigated control over your personal funds to banks and government bodies. In recent times, behind the distraction of the pandemic, Australia has conducted a year-long experiment navigating these uncertain digital waters. Engaging in pilot programs with formidable corporations such as Mastercard and working hand-in-glove with the Bank for International Settlements, it’s clear that the verdict on CBDCs is about to be pronounced by those in power. Australia’s top four banks have advanced this agenda by expunging over-the-counter cash withdrawals from most branches. Elusive “special centers” touted to cater to “more complex banking needs including cash” merely serve as a smokescreen for this ominous trend of depreciating paper money. Yet…Australian Banks Restricting Cash Raises CBDC Fears