Banning cash and NEGATIVE interst rates.

[sgbuyer]

Interesting, Singapore dollars, not Swiss Franc. Libra might be launching something big in Singapore. They are building a huge 2 million square feet building here.

https://www.google.com.sg/amp/s/techcrunch.com/2019/10/11/libra-denominated-in-dollars/amp/

What if Libra wasn’t backed by a basket of international currencies, but only the dollar?

Regulatory pushback to the Facebook-led cryptocurrency Libra has caused major partners including Visa, MasterCard, PayPal, and eBay to pull out of the Libra Association. But one of the remaining members has floated a major change to the stablecoin that could calm concerns that Libra could hurt the world economy by challenging national currencies for supremacy.

Originally, Libra was slated to be denominated in…Libra using the unicode symbol ≋. It would be a stablecoin backed 1:1 with a basket of the world’s top currencies that Reuters says Der Spiegel reportsFacebook told a German legislator would be made up of 50% US dollar, 18% Euro, 14% Japanese Yen, 11% British pound, and 7% Singaporean dollar.​

 

[JohnnyBravo300]

Backed by fiat, shouldnt be called stable.

 

[alor]

It's odd how many people actually enjoy paying with their phones. It's considered "fun" and "modern".

Generations are growing up not knowing what it feels like to "hold it and own it". They're like fish in a fish tank.

in China, they have WeChat pay and Ali Pay, there are certainly few hundred millions users there
in Singapore...there are pay station specifically made available for tourists from the mainland in the last few years

 

[sgbuyer]

in China, they have WeChat pay and Ali Pay, there are certainly few hundred millions users there
in Singapore...there are pay station specifically made available for tourists from the mainland in the last few years

That’s why I think Whatsapp Pay will take off instantly in Singapore. But Singapore is too small a market, only 4 million users. Whatsapp Pay is on trial in India with 1 million users.

Interesting to see that fb messenger is more popular in Australia and the US. In Singapore, Whatsapp market penetration is now virtually 100%. Even illiterate people are using it to send voices messages.

 

[sctpc]

 

[sctpc]

Well they have Passed the bill without listening to the people, sadly this is becoming the norm, lets face it Australian are lazy, and dont give a care about our privacy and both parties dont work for the people.

 

[Court Jester]

Again the impact 9f this on 99.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population will be nill

 

[sctpc]

Again the impact 9f this on 99.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population will be nill

Until there is a $1000 limit and your favorite Bank charge you a -% rate + a fee to protect there profit and there internet crashes so no one can get out money (Commonwealth last week) Do I need to go on?

 

[Court Jester]

Until there is a $1000 limit and your favorite Bank charge you a -% rate + a fee to protect there profit and there internet crashes so no one can get out money (Commonwealth last week) Do I need to go on?

again them changing just the limit wont effect 9.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population still

the limit could be $1 and still NOT affect 9.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population

 

[sctpc]

 

[pmbug]

Most Europeans still cling to physical cash while nations in Asia have embraced cashless payments the most. This is the conclusion of the 2018 World Cash Report that lists different studies analyzing peoples’ habit to pay by cash or card (or even mobile).
...
Japan is one of the exception to the rule of Asian countries loving cashless payments. The government has recently revealed its “Cashless Vision” which is looking to increase cashless payments to 40 percent by 2025. ...

https://www.statista.com/chart/19868/share-of-cash-payments-in-different-countries/

 

[Number 47]

When every town in Australia has high speed, reliable internet powered with a stale power grid we'd have a chance at going cashless here.

As it stands, we still have towns without internet and some of those more remote towns run on generators that are shut down at night. We have constant technical issues with floods, fires, storms and other complications caused by our ageing infrastructure.

Australia will need cash as an option for a long time yet. It's easy to forget that when you live in the comfort of the big smoke.

 

[JohnnyBravo300]

Yep same here in the us. Not everyone is a big time city slicker.

 

[leo25]

and it begins. Nice way limit cash withdrawals.
Soon the only way to get cash out of the bank is through the machines with limits. Daily limit $2k today, maybe $500 tomorrow.

 

[Shaddam IV]

The banks want a surcharge on every transaction permanently. And they pay off the politicians to help them. I think that cash is an important part of education young people about responsible handling of money. Tapping their phone is far to virtual and disconnected and too easy to lose track of expenditure. Also no cash is a national security risk. If the event of a hacking event on a large scale or a natural disaster people need cash as a backup when the electronic system is down.

 

[Oddjob]

I have memories of a NSW coastal town during the 2019/20 fires having power and internet cut off and sales of food and petrol only via cash......Do not carry cash at your own peril.

 

[hardyakkagold]

Good luck trying to get cash from an ANZ bank teller - soon will be doing non-cash transactions only! What The Fuck

 

[Real $]

Physical cash like physical liquid assets provide freedom to make untracked unmonitored transactions. Remember when the WHO pronounced cash as "dirty" spreading covid what about cards, newspapers,etc all the pieces fall into place organised for many years. An emergency fund is a must and something that vast majority of us here know and have in place...along with other measures. Another brick layed paving the way for CBDCs

 

[JohnnyBravo300]

Giving your cash to the thieves.

 

[Real $]

There hasn't been any advice from the RBA that it intends to replace physical cash with a CBDC. On the contrary, there have been repeated statements from the RBA recognising the value of physical cash and its intention to keep a supply of it for as long as there is demand.

These are the pilot use cases for a CBDC: https://dfcrc.com.au/cbdc/cbdc-pilot-use-cases/

The only project that explores the substitution of a CBDC with fiat at the retail level is the one at Southern Cross Uni and RMIT where the traditional digital fiat payments system will be replaced with a CBDC payments system to explore the potential for institutions to provide funds when required during times of need or to individuals who can't access online banking etc by using an offline environment.

https://dfcrc.com.au/2023/02/28/offline-payments/

Agreed no concrete plans evident as yet...but these are pilots and entrance points to what could be, haha of course this system is in place to assist people in need and help the elderly who neither understand or want to understand the digital transactions...same as closing down roughly a third of all physical banks. This will save them crazy how the big 4 may/will push back on the CBDC for retail and wider societal use...proving to be our saviours a system in place reducing they're bottom line they'll fight it tooth and nail