Things are changing too fast in the world for me

[Cravingahappymeal]

I don’t do well with change, discussions today with family about digital currency and a cashless society and what that may mean in the future are scaring me to death tbh.
Is it all true or is it conspiracy territory?

Don't get involved in the huge scam that is cryptocurrency.

Any changes are rarely immediate (decimalisation being an exception but well prepared for) - they tend to fade in slowly and steadily, the new alongside the old until the old no longer really exists. Gives you time to adapt and get used to things.

But your concerns tie directly into cashless society concerns.

I don’t even carry a wallet- just my phone. We go on holidays and only carry enough currency for tips. For me digital feels mich more secure than a piece of paper (or plastic note) in my pocket.

In my circle the only people who voice worry about cashless society are the folk who seem to have much higher income streams than me, running their own successful businesses- and I suspect this is related to HMRC. Don’t get me started on that 😅

Control of currency through a cashless society does not help people; central banks can simply take say a 10% haircut much more easily in a cashless society. This has not happened yet because lots of people store USD, and other stable currencies (despite never ever intending to set foot in the USA,Switzerland, etc) Even sterling has a large percentage of currency out of circulation simply because it's used as a store worldwide by people.

It may be so very hip to say you never use cash on travels, when actually the easiest way to transact for travellers is to swap for local currency when travelling. Electronic transactions can help those who don't have the money to begin with but want or need to travel. I like using cash for everyday things, and suppliers I use never ever object to receiving it, except obviously when large amounts are involved. I've also heard people not especially well-heeled who are proud of hardly or never using cash, and how shows their locality is more up-market than some impoverished area where cash use remains relatively high. If however we get to the point where in an open leaky global market, cashless UK is being serously mooted, any sensible person would only keep their money in a cashless system to the extent they are comfortable losing a hefty part of that which is cashless.

So please don't overfret, OP. A lot of people stand with you on this, and there are cash alternatives available to those who haven't fallen for the cashless hype.

This is interesting, as I thought really high income folks would be less likely to do business dealings in cash.

I hate trying to find coins for my local takeaway, who don't take cards.

Can't be cashless soon enough for me, so not seeing the issue

Cashless society
Everyone is fined instantly for profanity (maybe not a bad idea)
Credits electronically rather than cash
Everyone is tracked
Camera and surveillance heavy
Self driving cars
One major food franchise
Any foods that are bad including salt ect is banned (maybe good for our society)
Criminals are frozen in cryo prisons (saves resources)

I work in tech and I'm generally pretty comfortable with change, and I'm also a sucker for convenience. But anyone who can't see the downsides of a cashless society in terms of privacy and suerveliamce is naive or deluded IMO. Sorry!

So true.

@pastaandpesto Exactly

@Hawkins003 Crikey

Just saw this consultation is still open

www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper

I did one in 2019!

This. Cash is a type of freedom. A completely cash free society would limit a lot of that freedom.

I don’t think the towns round here will be cashless for quite a while - quite a few of the shops don’t take cards at all and have a Cash Only sign on the door. It’s very common here to have to pay with cash (or go without).

the evolution of money is inevitable. “Cashless” doesn’t have to mean the loss of privacy.

But the biggest survelliance devices are your mobile phones.

Doesn't bother me at all and I'm a lot older than the OP.

But it most likely will.

@Hawkins003

Exactly

MNers often say that about phones but if you aren't using your phone to give away all the info, it cannot be compared to CDBCs.

I usually use my card nowadays tbh. Hate having loads of coppers bulging out my purse.

Bank of England is running a consultation on a digital pound currently, and have read somewhere that the Government want to have something in place by the end of this year.
Personally I think things are fine as they are. Most people aren't using cash that much for most purposes (like their shopping etc) but still use it for smaller things like say the bus fare. Many people find it easy to budget with physical money and there has been an upsurge in its use since the COL difficulties.
www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper

Well I can see cashless society but it is still money just not in notes or coins, I don't see anything to be scared of about it

HouseElf I thought the Chancellor said he wants it in use by 2025 but I guess that means in existence by the end of this year, maybe.

people who can't see the concerns - please look into it, even the flipping BBC had a Panorama about social credit scores in China.