What is digital currency and why do we need to know about it?
Digital currency is an electronic form of currency:
- Only accessible via online devices
- Volatile to trade
- Susceptible to being hacked
- Your digital wallet can be emptied by hackers in a nanosecond
- Digital currency is NOT money; it only REPRESENTS a transfer of value
- Australia is currently in the 'development' stage, with only two stages to go - Pilot and Launched stages.
- See the report here.
Some Australian banks are already moving towards a digital financial system by becoming cashless.
This move has been a long time in the wings. We have seen this with the trend of tap and go, the increase in phone payment apps, BPay, online banking and online shopping becoming encouraged over time.
Then Covid hit the world and mandates encouraged businesses to refuse cash based on the spread of infection.
Most people complied, and we saw the farce of EFTPOS terminals being covered in clingwrap that never got renewed or wiped down after each set of 'deadly virus-carrying fingers' happily complied, contradicting the whole point of maintaining hygiene.
Some businesses even broke the law (and continue to do so) by refusing cash, which is legal tender. How convenient Covid was in order to implement cashless transactions.
Only very recently have more and more people started to notice the announcements made by their banks that digital currency options will be incorporated into the banks.
This was well before the Reserve Bank even announced that digital currency was going to be trialled for 12 months.
Many are concerned that this is just the start of an introduction to a new digital system which will never go away.
Trialling new services and systems usually work like that in large corporations. There really is no 'trial', as they spend millions of dollars, often with years of planning and countless risk management scenarios, before they implement anything that goes out to the public.
The term 'trial' is public relations soft-speak which is used to implement a permanent system without alarming or awakening the masses, towards the intended goal of total control over everyone's money.
Hackable Cyber accounts
Cyber security has continued to be a cause for major concern, with a plethora of breaches occurring regularly over the past few years. APRA admits that Australian Banks will inevitably experience data breaches.
Take note of the body language of the Chair of APRA, Wayne Byers, who cannot hide his resignation and hopelessness about that fact.
There have been numerous breaches on digital currencies and crypto currencies. It is NOT a safe option for all your finances to be fully digital.
Over $4,769,950,000 of digital currencies has been hacked, often within seconds. Read more about the largest hacks here.
See our other posts on the latest breaches where people's personal information was compromised via online hacking - all the more reason to NOT go Digital with our money.
As sure as the sun rises each morning, your money, personal information and investments will be at constant risk.
Cashless
Not only are breaches a concern, but so is Total Control
A cashless society is one that takes away much of how we operate as a society, including:
- No more cash pocket money for kids
- No more excitement for kids as their piggy bank grows while they save up for special items
- No more teaching kids the value of money and saving
- No more teaching kids math through money exchange
- Online accounts are easily hackable
- No more Tooth Fairy coins and small monetary gifts in Birthday cards from Grandparents
- No more tax-free additional secondary income for those trying to earn extra cash
- No more tax-free fundraising for friends or families who have tragically lost a parent
- No more roadside farm stalls or lemonade stands
- Handling money is a life skill for people with special needs
- No more bartering or discounts for cash sales
- No more selling items tax-free via garage and local community sales
- Monitoring of monetary loans to family or friends
- No more putting cash away for a rainy day
- Harder to monitor budgeting and spending
- Tax on everything!
The secondary concern is that some Australian Banks have started itemising your purchases on your bank statement, including when you last bought a particular item, the details of that item, and the % of how much more or less you previously bought of that item.
In addition they are now also using guilt and shaming tactics to berate you for how much carbon your purchases have produced, in line with the so-called climate change alarm.
Who are they sharing that information with?
What are the banks doing with that information?
Is this the start of the communist social credit system that China has, and also the introduction of the carbon credit system that other countries are implementing, including Australia?
This is a invasion into your private and personal information, and a gross over-stepping into people's freedom of choice.
The banks are not only making money off your bank balance and any loans or credit cards you have, but they also sell and profit from your data and purchase information.
It is time to speak with your bank about their collection and sharing of your purchase history and personal information, and oppose the full implementation of this digital currency.
Find an American based article on digital technocracy and domination of your finances here.
Read more about the dangers of the state controlled digital currency here.
Did you know that with the digital currency implementation, every single transaction will be taxable and every transaction earns the bank a fee.
