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In Australia end of cash is near: Report

In Australia end of cash is near: Report 14

Many experts noted that the Australian banking system is trying to force the citizens to go with full digital payment systems, which sparked fear among the citizens.

Between 2021 to 2022, the world economy faced a significant impact because of the COVID-19 pandemic, which was at a critical level in 2020, where we saw lockdowns in almost every country. In the present time, the economic situation is not healthy in almost every country and in some countries the situation is getting worse.

Latest reports confirmed that ANZ, one of Australia’s “Big Four” banks, will cease facilitating withdrawals and deposits from a number of its Australian branches. ANZ aims to keep its depositors away from their offline branch-based cash deposit & withdrawal services. In short, ANZ will force its customers to go with digital payment options.

This news sparked a new fear among the Aussies because such moves will force people to go with cashless payments and further use of digital payment systems will control the bank money of citizens. In short, citizens will lose their ability over their own money.

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Popular experts & critics noted that banks are planning to push customers to only digital payment systems and also they are bringing the Central Bank Digital Currency (CBDCs) to control our money. 

Popular crypto news media reached out to ANZ Bank regarding this decision. ANZ spokesperson said that all these affected branches are located in metropolitan areas and there are several ATMs & deposit machines. ANZ officials also confirmed that in-branch transactions have decreased by 50% in the last 4 years. 

Some crypto supporters noted that increasing cashless economy-based decisions and control of people’s money will push people toward Bitcoin & Ethereum-like cryptocurrencies as best solution.

Read also: Brics considering new currency to eliminate the role of the US dollar

In Australia end of cash is near: Report

 

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