Re:Why Banks Are Suddenly Closing Down Customer Accounts
by nativeit on Monday November 06, 2023 @10:08AM
(#38163601)
Providing the account != requiring its use
Re:Why Banks Are Suddenly Closing Down Customer Accounts
by phil21 on Monday November 06, 2023 @10:40AM
(#38164016)
That's what folks said about credit and debit cards to the curmudgeony folks like me 30 years ago.
Now I can walk to a half dozen places that won't do business with you if you have neither.
It would likely be defacto required, just line SSN is today. Sure you can "opt-out" - but at severe expense to your life.
Re:Why Banks Are Suddenly Closing Down Customer Accounts
by MrDrMcCoy on Wednesday November 08, 2023 @02:07PM
(#38195331)
Isn't it the law for a business in the US to accept legal tender?
Re:Why Banks Are Suddenly Closing Down Customer Accounts
by efreak on Thursday November 09, 2023 @11:53AM
(#38207469)
There is no federal law that says all businesses must accept cash.
https://web.archive.org/web/20220127202620/https://www.treas...
I believe this would result in more instances of funds being frozen when under the suspicion of doing something/being associated with someone doing something illegal.
Just as Social Security was promised to never be used as a national ID, but was ultimately used as an identification mechanism[1], accounts with the Federal Reserve would be sold as a way to have a permanent bank account, but would ultimately be used as a way of implementing financial ruin upon those who choose non-compliance.
Conversely, I also believe crypto serves the same end. There is nothing a financial regulatory body would enjoy more than having every transaction take place on a publicly auditable ledger.
[1]: https://www.nytimes.com/1998/07/26/weekinreview/the-nation-n...