Banks already massively abuse this power, and in any case the UK and US have laws that allow seizure of cash and other assets in criminal cases.

So do private corporations like Ebay, which have a history of closing private accounts for random reasons.

But for context, this is a scare story without any real substance in the UK's premier far-right paper for rich kooks. The Telegraph is notorious as a non-reputable source, and I would be very surprised if there any serious moves to ban cash in the UK - or the US - any time soon.