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thenewgreen · 3938 days ago · link · · parent · post: I do not support the cashless society

I wonder if gov'ts are pushing for cashless societies because it would take a toll on the black market? However then I anticipate the black market would just become a barter system. There's no doubt that money laundering is far more difficult with credit than it is otherwise. Still, businesses in the US that make a transaction over a certain dollar amount have to report it thusly, whether it's on credit or otherwise. It's much easier to hide cash though. You can hide $10k influxes in to a cash business like a bar/restaurant much more easily than you can in a b2b space that typically uses ACH/Credit. That's why those gangsters are always running bars/stripclubs/casino's. -Over the counter cash transactions.

aside: I know that there are people in foreign countries that, because they can't send cash (over a certain amount) to the US, will do debt swaps in order to pay someone. For example, I owe a guy in china 25k and a guy in China owes you $25k. Instead of me paying the guy in China, I'll just pay you and the guy that owes you will just pay the guy I owe money to in china and everyones happy. This is a method of money laundering that occurs.

So much shizzle going down in the world of payments these days. Exiting times, not sure what the future holds.

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