Is India’s Cash Ban A Test Case For The West?
The Common Reporting Standard which was initiated last year and will be fully implemented this year (as some countries still had to ratify their participation in CRS) is a next step to get an in-depth overview of the financial flows. In some countries, the tax department will receive more information about the accounts you own abroad compared to your domestic bank accounts.
Big Brother is watching you, and let’s be honest, if the world is full of alleged Russian hackers who have bad intentions, the very worst idea is to force everyone to digitalize all currency. If supposedly important government agencies and political parties can be hacked, why would the banking system be unhackable?
In India, the population was invited to exchange some of its old currency in new bank notes, but the majority of the cash that was brought to the bank was mandatorily placed on bank accounts. An excellent move from the anti-cash perspective, but this case shows how fast a society could implement a cash ban.
And for a bogus reason. This chart was published by researchers from the University of Manchester and CLEARLY show there is absolutely no correlation at all between the total amount of cash in circulation and the level of corruption…
Within HOURS. That’s how fast 86% of a country’s cash stash was deemed to be ‘illegal’ and completely worthless. And this might very well happen in western countries as well.
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