"With cash gone, the government can ensure they see, tax, and store every transaction," Facebook user Douglas Dickerson said. "You will never buy anything ever again without big brother knowing. Other posts reiterate Monroe's fears, pointing to government control as the main reason to go cashless. All money will be taxed, and the government “will decide what you can and cannot purchase.” Monroe writes that in a cashless society, banks will have full control of “every single penny you own” and that everyone’s movements and actions will be traceable. Monroe alleges there will be no more money in birthday cards and no more odd jobs or side hustles for a few bucks. I think those who support a cashless society aren’t fully aware of what they are asking for.”įact or fiction?: We'll send fact checks right to your inbox every day. “Cashless means fully digital, fully traceable, fully controlled. It doesn’t mean mostly cashless and you can still use a ‘wee bit of cash here & there,’” reads a Facebook post made July 5 by user Kevin Monroe. But imagining a world without physical coins and bills has some fearing the worst. Money would be fully digital, fully traceable and fully controlledĪs COVID-19 continues to spread, many are increasingly wary of the invisible germs living on the surfaces of everyday items, like coins and dollar bills.Ĭash is a notorious germ-spreader due to its fibrous material and the number of hands it passes through, leading some to speculate about its worth in modern times. Watch Video: Cashless Society in the U.S.: Facebook’s Libra, Bitcoin and more The claim: A cashless society means zero cash.
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