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THE DANGERS OF A CASHLESS SOCIETY - SURVEILLANCE CONTROL AND WARRANTLESS PERSECUTION OF THE INNOCENT
The move towards a cashless society creates the inevitability of more granular surveillance than ever before. When everywhere you travel, everywhere you eat, everything you buy and every service you pay for is digitally recorded, your behaviour can be more easily scrutinised whether by your bank, your spouse or the state. Every penny of irregular income, whether a few quid from eBay or a family loan, will leave a digital trace.
In a system of total financial surveillance, fraud, financial crime, black markets and tax evasion could theoretically be eliminated. As such, HMRC has already drastically ramped up its digital surveillance operation. HMRC’s big data “Connect” system collects over a billion items of data from 30 sources – including tax returns, interest on bank accounts, online marketplaces and social media – to conduct a matching analysis of 800 million monthly credit and debit card payments. Yet as part of this, HMRC unlawfully collected over 5 million biometric voiceprints via its helpline – it was only after Big Brother Watch raised a complaint with the data watchdog that the Department was ordered to delete them.
The problem with cashless society is that it is a surveillance society. And not only can governments, banks and tech companies monitor what you have earned and spent in a cashless world, they can preemptively control it too. As Agustín Carstens of the Bank for International Settlements said at an IMF talk, a centralised digital currency gives the bank “absolute control over the rules and regulations of the use of that expression of central bank liability, and also we will have the technology to enforce that.”
We have already seen financial services companies take an interventionist approach to people’s spending. There are now numerous examples of cancel culture driving digital wallets to be frozen – an early notable example was PayPal freezing WikiLeaks’ account in 2010. Just months ago, the Canadian government froze bank accounts of people associated with the truckers’ “Freedom Convoy”, in an effort to quell the campaign against mandatory vaccines. With digital currency, the question fast becomes not only who watches how you spend your money, nor even who controls how you spend it, but who actually owns it?
The increasingly extinct practice of carrying cash is one of the most disempowering side effects of our technological future, and exacerbates risk for those already vulnerable. Without being able to tuck away some cash income beyond prying eyes, it’s harder for people in oppressive situations like abusive households to plan an escape. Without cash in our pockets, rough sleepers and charities are being hit hard by the loss of casual empathy. People who are unbanked or refuse digital identities are cut out.
We need to consider the future financial world we are creating more deeply and be careful what we wish for. The British public has far more privacy, control and genuine ownership of our money using cash
Category | News & Politics |
Sensitivity | Normal - Content that is suitable for ages 16 and over |
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