Re:Why we should fear a cashless world
by agentgt on Monday March 21, 2016 @10:27AM
(#11328246)
This is exactly what happened to Greece (my in-laws are Greek). Greeks and Greek Americans are completely cash based. Consequently the government has no idea how wealthy its residents are and tax evasion is extremely rampant. I'm sure that isn't the only reason to Greece's problems but I bet it did have a huge impact.
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>>I'm sure that isn't the only reason to Greece's problems but I bet it did have a huge impact.
These sort of problems run quite deep and have unintended consequences.
If money is not traceable, you also give way accountability. Opening up a door for corruption to happen easily, unchecked and unaccounted for. Rinse - Repeat for some time and you will see there are new problems due to corruption, which breed other new problems and so on..