Friday, February 24, 2017

Is South Africa looking to become the next BRICS nation to go cashless?

Over the past four months we have seen India begin the difficult process of weaning her people off of physical cash, as Prime Minister Modi has officially called for the implementation of a digital monetary system.  Then earlier this week we began to hear word that Russia was investigating the taxing of individuals who chose to use cash in transactions and other commerce.

Now on Feb. 24 we can add South Africa to the growing list of BRICS nations who might be setting the stage for eliminating physical cash in their economies and creating a completely digital monetary system.

Image result for africans want digital currency
Globally, cash, as a means of transaction, has been on the decline for decades.
First World countries are leading the transition. 
In emerging market countries, such as China, South Africa and India, for example, more than 90% of payments are still cash based. 
We have also seen how quickly, thanks to our almost complete mobile penetration, blockchain technology, such as Bitcoin has taken off in South Africa across all strata of our economy. 
These are signs that South Africa’s transition to a cashless environment could happen very quickly indeed. - Biz Community
Unlike the forced banning of cash which we have seen in India, and may soon see in Russia, the move towards digital money in South Africa may instead come from a voluntary push as citizens trust less and less in the nation's primary sovereign currency.

1 comments:

December 28, 2016 “Financial Lockdown… ATMs Went Dry”: 3 Police States Banning Cash to Control the People

The rush to create a cashless society is on. Why? Because it will be the ultimate measure of control. All of your money will then be in banks, and courts have ruled that “your money” in banks is not really yours, but is under the control of the banks, who, basically, can do with it whatever they wish. If, for instance, the banks introduce negative interest rates, you cannot withdraw it as cash. Think on that a moment. In essence, they could legally steal your money by the simple measure of creating negative interest rates.

https://www.oathkeepers.org/financial-lockdown-atms-went-dry-3-police-states-banning-cash-control-people/

Post a Comment