It seems the Coronavirus Pandemic has been used as an excuse for the government to exert powers and controls which were previously unimaginable, and one such example of this is the attack on physical cash.
Specifically, a new scientific study has found that the Coronavirus can survive on bank notes for up to 4 weeks.
Although this science appears to be credible, since it is from Australia’s top biosecurity laboratory, it seems probable that governments worldwide will use this as an excuse to eliminate physical cash, which is something that global governments have been trying to do for a long time.
Essentially, governments generally frown upon physical cash since it facilitates anonymous transactions, and governments cannot easily freeze or seize physical cash. In other words, physical cash gives individuals a lot of freedom over their money, and the government believes that this sort of freedom enables money laundering.
Due to that, governments worldwide have long been angling to launch a cashless society, where physical cash no longer exists. Now that it has been proven that the Coronavirus can survive on physical cash for weeks, it’s the perfect excuse for the government to rapidly eliminate physical cash.
The problem with this is that if physical cash is eliminated, then there would be no form of money outside of the government’s control. Any money held in digital bank accounts is constantly being watched by the government, and could be frozen or seized instantly.
This would obviously be a travesty for freedom, since anyone living in a cashless society will no longer have freedom over their money.
That being said, if a cashless society does end up happening, cryptocurrency would still be a way for individuals to maintain monetary freedom, since as long as an individual is the sole owner of a crypto wallet’s private key, then they have sole control of their funds.
Thus, a cashless society would make cryptocurrency more useful than ever before, since it would be the last form of money that individuals can truly control.
On a final note however, if crypto is the last bastion of monetary freedom in a cashless society, then governments worldwide will probably work overtime to regulate and criminalize crypto, in order to ensure that every last dollar in circulation is under government control. Therefore, a cashless society could end up being a mixed bag for crypto.