When Governments Demonitize by Force

 

It can be easy to take cash for granted, especially in a wealthy, developed economy. Those fortunate enough to live in a stable society usually suffer no lack of payment options. They are getting more advanced all the time, with financial technology (fintech) companies constantly developing new ways to quickly and cheaply make purchases and send money. It sometimes seems the days of old-fashioned cash, with its dormant physicality, are numbered.

Allowing cash to die would be a grave mistake. A cashless society is a surveillance society. The recent round of protests in Hong Kong highlights exactly what we have to lose.

The current unrest concerns a proposed change to Hong Kong’s extradition laws┬áthat would allow island fugitives to be transferred to Taiwan, Macau, and mainland China. The proposal sparked mass outrage, as many Hongkongers saw it as little more but a new way for the People’s Republic of China to erode the legal sovereignty of Hong Kong.

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