Executive Order on Cryptocurrency

[Ben]

A new EO just came out to both study regulation of current crypto and to investigate starting a US cryptocurrency, the "digital dollar". I can't but wonder if this is another early step into a cashless society, and if that's something I will see before I die.

https://www.foxbusiness.com/economy/white-house-review-cryptocurrencies

[MechAg94]

I was thinking the money in my bank account is largely digital already.  I just pull cash out as a way to carrying it.  They only thing I can think of would be the equivalent of credit chips on SciFi shows. 

[dogmush]

I was thinking the money in my bank account is largely digital already.  I just pull cash out as a way to carrying it.  They only thing I can think of would be the equivalent of credit chips on SciFi shows.

I mean we have plastic cards that you can wave over a reader and it will transfer credits, or alternatively just wave your multipurpose pocket computer over the stores computer and it transfers credit.  How much more sci-fi do we need?

[HankB]

I mean we have plastic cards that you can wave over a reader and it will transfer credits, or alternatively just wave your multipurpose pocket computer over the stores computer and it transfers credit.  How much more sci-fi do we need?

Implanted, GPS-enabled chips.

[Ben]

I guess I should clarify that in the OP I meant forced cashless, vs a choice between cashless tech and still using cash.

[dogmush]

I knew what you meant, Ben I was just commenting on the sci-fi credit comment.

But yes, I bet we go forced cashless for all legal transactions during your life.

[lee n. field]

I guess I should clarify that in the OP I meant forced cashless, vs a choice between cashless tech and still using cash.

A coming worldwide cashless economy is a big part of your typical evangelical end times scenario.  Part of the "beast system".

[MechAg94]

When I say "credit chips", I mean something you can carry that has value by itself.  Some sort of cash equivalence.  If the new "system" doesn't have cash, then unofficial equivalents will come into use whether that is precious metals or something else. 

It seems to me that the people in power always have plenty of backdoor deals and payments going under the table.  I don't think they will get rid of cash completely.  They might continue to try to put limits on it such as reporting deposits and/or punishing people who carry large amounts with civil asset forfeiture. 

[MechAg94]

I think the biggest thing with crypto currency is the Govt wants to make sure they get their taxes off the transactions and income.  And I am sure elements of the Govt want to be able to track it for intelligence and law enforcement purposes as well.  Freedom is a secondary concern. 

[Lennyjoe]

I mean we have plastic cards that you can wave over a reader and it will transfer credits, or alternatively just wave your multipurpose pocket computer over the stores computer and it transfers credit.  How much more sci-fi do we need?

Maybe a good old Soviet cyber attack on our financial institutions could change the thought of a cashless society when people realize they can’t get goods with a digit currency that’s unavailable.  If we meddle too much into the Ukraine fight we may just find out.

[JN01]

I can't but wonder if this is another early step into a cashless society, and if that's something I will see before I die.

https://www.foxbusiness.com/economy/white-house-review-cryptocurrencies

Judging by the way Biden and his accomplices are managing things, you should be cashless by this summer.

[HeroHog]

One way or the other...

[bedlamite]

I'm just gonna drop this here: