This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.
Article’s title is clickbait; It’s an anti money laundering measure in general not directly to push CBDC.
Who doesn't like paying 5% for getting the money that they already own?
I think the policy is outrageous, but that doesn't make the title correct. Also, 5% is not really significantly more than the typical fee an ATM already charges.
Here in Europe I don't get charged any kind of fee for withdrawals.
This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.
Article’s title is clickbait; It’s an anti money laundering measure in general not directly to push CBDC.
Use of one bank's credit card is voluntary and not mandated by the central authority. It's the difference between choosing to only read the New York Times or a government enforcement of one source of news
Is it? I can't see living in Europe without an IBAN for instance -- and the card that comes with one. And that's not something the government is enforcing. Same in the US, you can't not have a credit card because of the credit score system there. Use of a credit card is mandatory because you need it to financially "exist."
Competition and divided roles keeps these systems somewhat functional. Put them all under one authority and almost certainly see an increase in abuse
This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.
Article’s title is clickbait; It’s an anti money laundering measure in general not directly to push CBDC.
This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.
China was the leader in the push to pure cashless society. Cash still works, but only in small amounts. Lots of HNews'ers claim cash is the only way to keep your freedoms, but that simply glosses over the fact that even if you have piles of cash under your bed, you can't do anything meaningful if the government decides to prevent/limit banks from accepting cash deposits - say in a 5 year timeframe. After a while, bus…
I don't hear people saying cash protects freedom, but is does protect privacy. Can it be taken away, yes of course, if people don't care about privacy (and most don't) and don't use it then it can, and that seems to be a project in progress.
This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.
Article’s title is clickbait; It’s an anti money laundering measure in general not directly to push CBDC.
The title is a bit of an exaggeration. Withdrawals above that are not banned, but subject to a 5% fee. Also, it is not a new rule but a lowering of the limit of an existing rule.
Who doesn't like paying 5% for getting the money that they already own?
What makes you think you own money on your bank account?
Use of one bank's credit card is voluntary and not mandated by the central authority. It's the difference between choosing to only read the New York Times or a government enforcement of one source of news
Is it? I can't see living in Europe without an IBAN for instance -- and the card that comes with one. And that's not something the government is enforcing. Same in the US, you can't not have a credit card because of the credit score system there. Use of a credit card is mandatory because you need it to financially "exist."
> and the card that comes with one. And that's not something the government is enforcing
They are. Most countries impose additional regulatory compliance on businesses which deal with cash making it costly to handle.