Reply to: The end of cash

[Paddy]

The Danish government is concerned that cash puts too many “administrative and financial burdens” on shops...

The financial burden comes from banks charging exorbitant fees for paying in cash.

[alphadog]

Yeah, it's awful the idea that businesses would have to disclose their income rather than fiddle their books to evade tax.

Who suggested that anyone should fiddle their books to evade tax? Not me.

The point is that the means by which the govt could increase tax and indeed introduce 'innovative new taxes' under in a cash less system are virtually unlimited. And that's not even considering the possibilities it opens up for fascism, corruption, black mail, destruction of political dissidents, etc, etc.

[d000hg]

Those Danes must really enjoy getting taxed. If they take this to it's logical conclusion, the govt will have carte blanche to tax/confiscate/rob them out of everything they own. But then again, they probably already do/are... minus 0.75% interest comes to mind. Gold will rise again

Yeah, it's awful the idea that businesses would have to disclose their income rather than fiddle their books to evade tax.

[SimonMac]

Does anyone know what it costs a small business to have a card reader?

I'd guess a lot of businesses would be happy to do away with the pain of handling cash as long as the alternative was free/cheap.

Keep seeing the ones you attach to a mobile phone for £50 + a % of transaction fees, not idea how that scales up

[OwlHoot]

Of course the real agenda is that it is easier to control people if their finances can be completely tracked.

control and tax them.

and abolishing cash will allow governments to prevent bank runs and introduce more effective capital controls.

[VectraMan]

There will always be a need for cash, its still surprsing how many businesses are just too ill equipped to handle card payments, but I understand the allure to a govt to be able to track every penny that an individual has, spends or earns

Does anyone know what it costs a small business to have a card reader?

I'd guess a lot of businesses would be happy to do away with the pain of handling cash as long as the alternative was free/cheap.

[alphadog]

Those Danes must really enjoy getting taxed. If they take this to it's logical conclusion, the govt will have carte blanche to tax/confiscate/rob them out of everything they own. But then again, they probably already do/are... minus 0.75% interest comes to mind. Gold will rise again

[DodgyAgent]

Of course the real agenda is that it is easier to control people if their finances can be completely tracked.

[BrilloPad]

This makes sense in all sorts of ways. As M&G’s Jim Leaviss points out, handling cash is expensive – you have to process it, give people change for it, provide security for it, take it to the bank, etc.

Then why do businesses charge for using cards?

Cash is also a bore for governments because it is the main facilitator of the black economy – anything paid for via the banking system can be taxed; anything paid for in cash can be missed. Plus, physical cash often means physical crime, so getting rid of cash could mean less crime and less tax evasion. That’s all good.

This is the real reason. Government control. People want privacy. I think Russia said freedom is the freedom the commit crimes.

[DaveB]

Much like global warming, peak oil, IPv4 running out and flares coming back, electronic forms of money have been about to replace cash for decades.

In some places they are.

The Economist explains: Why does Kenya lead the world in mobile money? | The Economist

http://www.theregister.co.uk/2015/03...nomic_freedom/

[d000hg]

There will always be a need for cash, its still suprsing how many businesses are just too ill equiped to handle card payments

In the UK... that's not a general rule though. It seems Denmark is largely cashless already and this is only removing the legal requirement for a shop to accept cash - if that loses them some cash-only customers this is their choice.

[SimonMac]

Hookers don't have a slot to accept cards.

Bend them over and swipe it down their arse cheeks

[GlenW]

Hookers don't have a slot to accept cards.

[SimonMac]

There will always be a need for cash, its still suprsing how many businesses are just too ill equiped to handle card payments, but I understand the allure to a govt to be able to track every penny that an individual has, spends or earns

[VectraMan]

Much like global warming, peak oil, IPv4 running out and flares coming back, electronic forms of money have been about to replace cash for decades.