Is Denmark preparing to eliminate all cash transactions?
By Duncan Richardson, News Editor
20 May 2015
The Danish government is proposing a new law that will ban the use of cash transactions. The proposed law will see all physical currencies and traditional bank accounts abolished in an attempt to give the government new tools to end the boom bust cycle.
On the surface this seems innocuous enough with shops simply refusing cash as method of payment and demanding payment in electronic form. The Danish government argue that removing cash will make the economy run more efficiently.
If the Danes do move towards a cashless society every transaction could be monitored directly by the government. Are we on the edge of entering economic totalitarianism with every transaction potentially monitored and controlled by the state.
In 2012 the American senate passed law S.1813 which gave the State Department the right to revoke a U.S. citizen’s passport if they owe more than $50,000 to the IRS. In ancient Rome passports where invented not to facilitate travel between nations, but to prove that an individual travelling owed no money to the state.
Is history about to repeat?