Finance

The New Cash? Why Governments Don’t Like Cryptocurrency

The New Cash? Why Governments Don’t Like Cryptocurrency

Visa spokesman Andy Gerlt famously stated that they were “declaring a war on cash,” the very same rhetoric that we hear from governments. The Visa strategy is multifaceted, including a controversial plan for awards (bribes) to merchants in the U.S. and U.K who accept their “cashless challenge” and commit to completely removing cash from their establishments.

On the other hand, Visa’s 60-page plan detailing “Visa Government Solutions” reads like a blatant commitment to collusion with the State in order to compel establishments to remove cash as a payment option, of course embracing credit card options first and foremost.

Mastercard then issued its own report called “Measuring Progress Toward a Cashless Society” which highlighted 33 countries most representative of the “Cashless Journey.”

However, there is a rising tide of people who are beginning to see the effects of State and corporate collusion to insert themselves into each transaction. Even in nearly cashless countries such as Sweden, there has been pushback. The elderly, refugees, or anyone who is not tech savvy becomes literally unable to participate in such a system, exactly as we are seeing play out on a mass scale in India. The best tools in the cryptocurrency space enable even the non-technical to circumvent these restrictions.

In fact, the First World should be taking note of Third World solutions that are already in place such as Kenya’s M-Pesa, another mobile-based money transfer system that now conducts billions of transactions among its tens of millions of users.

The real reason why governments are scrambling to combat cryptocurrency is that the average person inherently wants to do business cheaply, efficiently and safely. This is the promise of fiat cash, but as that option becomes invalid a new system must take its place if we are to protect ourselves from predatory governments and their corporate partners. Crypto finance in effect becomes cash by creating a method for people to transact in a way that is as equally accessible and as simple as any physical currency. In a best-case scenario, crypto solutions can become even better than cash as they are not a debt instrument that loses value through inflation like the U.S. dollar. However, unlike the government version of the “Better Than Cash Alliance,” cryptocurrencies and blockchain technologies can offer pure instruments of trade that are not susceptible to any of the issuance and control mechanisms that are inherent in traditional finance.

This article was originally published by Activist Post

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