On 27 March 2017, ABC News reported:“In 2014, 12 financial institutions signed up to build the NPP, (New Payment Platform…ed) partly as a way of bringing Australia up to speed with other countries that are ahead in the race to becoming completely cashless.Sweden is on track to become the world’s first completely cashless economy, and just last November India got rid of its highest denomination bills, effectively eliminating 90 per cent of its paper money. Professor Holden estimates Australia could be cash free as early as 2020…”
Am I the only one who sees the centralizing dangers in Australia becoming ‘a cashless society’ under the present financial policies? According to Michael Edwards on ABC AM, 27 March 2017:“The Reserve Bank is introducing new technology this year which will push Australia even further towards being a cashless society.Later this year the bank will roll out a new system called the New Payment Platform (NPP). The NPP will mean money can be transferred almost instantaneously, even when the payer and payee are members of different banks. (Please note this sentence is about ‘credit’ – not physical money. That is, ‘money’ in the form of ‘blips on a computer’.)