The Government Seeks Supplementary Control in Paper!
Right in the midst of India’s sudden currency reforms the cash is facing a global crackdown as the government’s move was to take over the control right over the transactions and the paper in the pockets of the people! While the mayhem keeps on urging right on the Indian subcontinent right after Prime Minister Modi had withdrawn the two of the biggest Rupee notes happened to be on the 8th of November, elsewhere other countries are following suit in which complies with very diverse rationales.
The lesser the cash, was it good for the banks? As all across the Indian Ocean, the Australian banks are calling for the scrapping of the dollars of which was the Australian Dollars or the AUD on its highest-denominated cash notes and even the removal of cash altogether? In a recent report, the investment bank UBS has made the case for scrapping $100 AUD and $50 bills in which accounts for the 92% of circulating AUD by value. It also presented the data in which was showing year-on-year drops right in the ATM usage as compared with the mounting credit card transaction numbers.
And the reports have stated that “We deemed that removing the large denomination note in Australia would have a great outcome right for the economy and also will bring good for the banks as well.” Right in the intervening time, the Citibank’s operations in Australia are set to lead the cashless trend and together with the bank declaring that some of its branches will no longer handle cash at all. As the Head of the Retail Banking says that “This particular move right into cashless branches reflects the Citibank’s commitment right into the digital banking and we are certainly investing in the channels that our beloved customers prefer to use.” And a survey in which was conducted by the local bank Westpac last September had further showcase what is apparently a public preference to eradicate the cash transactions. And it found that there are over the summation of 79% of Australians that totally agree that a cashless society makes a total sense.The criticism of the cash retirement is frequently heard right within disruptive technology circles in which was the banks reeling in the paper means and there is more control over the costs and the money supply and as well as a greater observation of the populace’s transactions. And at the exact and also the same moment, the reduction of cash is considered an almost impossible task right in the economies such as India, where the vast majority of the population count is unbanked and also relies upon the cash or conceivably, right in the future, and in the mobile-based Bitcoin microtransactions. As an another case in this certain point, Venezuela’s decision or regarding the limiting of the ATM withdrawals to the equivalent of just $5, highlights the desperate attempts of the government to be able to take full control of the uncontrollable. And similarly to India, the country’s economic despair have caused the spike right in the Bitcoin curiosity and interest together with the exchange rates that were showing the consumers who are ready to purchase at a premium. The local new resource Diario Bitcoin noted that the rate of Venezuelan exchange in which is the SurBitcoin is right on the brick around the summation of $875 and over 15% higher than the average market rates.