I don’t understand why digital financial transactions are so heavily regulated and scrutinized while cash still exists. Governments have even basically soft-killed Monero which is pretty much the only way to get actual cash-like semantics digitally. Yet cash is still given preferential treatment over traditional digital payments.
I understand the rationale behind both camps ie “to prevent personal/tax fraud, money laundering, and cut off funding to terrorists we have to give up privacy” vs “personal privacy extends to transactions and the benefits justify the increased difficulty in fighting crime”. What I don’t understand is the inconsistency between physical and digital payments. Anybody committing crime can just use cash so why even bother with all the annoyances with digital transactions?
IMO we might as well outlaw cash because typical law-abiding citizens already have basically zero financial privacy, but are missing out on all the tax revenue and supposed safety from actually fully tracking transactions. The way I see it, cash right now basically only exists so that small businesses/individuals can cheat on taxes and to keep criminals on the USD.
I understand the rationale behind both camps ie “to prevent personal/tax fraud, money laundering, and cut off funding to terrorists we have to give up privacy” vs “personal privacy extends to transactions and the benefits justify the increased difficulty in fighting crime”. What I don’t understand is the inconsistency between physical and digital payments. Anybody committing crime can just use cash so why even bother with all the annoyances with digital transactions?
IMO we might as well outlaw cash because typical law-abiding citizens already have basically zero financial privacy, but are missing out on all the tax revenue and supposed safety from actually fully tracking transactions. The way I see it, cash right now basically only exists so that small businesses/individuals can cheat on taxes and to keep criminals on the USD.