War On Cash Just Got Real – India and Citibank In Australia

• War On Cash Goes Global – India, Australia and Citibank
• India shock cancellation of nation’s two highest-denomination notes
• India effectively invalidates & removes 86% of cash from circulation
• India sees “runs on banks” & severe financial difficulties
• Citi to makes all Australian branches cashless
• Australian pilot programme restricts 80% of payments on card
• UBS proposes Australia eliminates $100 and $50 bills
• What can we do about this?
• Conclusion

Not Confidence Inspiring. Photographer: NOAH SEELUM/AFP/GETTY IMAGES via BLOOMBERG

By @Skoylesy . Editor @MarkTOByrne

In a world of ultra low and negative interest rates, bail-ins and increasing corporate and government surveillance, the war on cash will be damaging to savings and wealth protection, it will primarily benefit governments and banks.

These were the primary conclusions we came to in our recent research note on the ‘Cashless Society’. Within the article we touched on several points that we felt were of concern in the growing war on cash.

Going cashless meant greater risk to your wealth, control of your assets and even personal information. We cited a number of examples where the ‘war on cash’ and indeed the push for a cashless society is set to intensify and rapidly escalate. Read full story here…