Counting the steps to a cashless/digital currency? Count this one. Crypto-currencies have been around for a while, and Bitcoin has been one of the most successful. Banking institutions have allowed them to remain so far, only because it reinforces their agenda toward a cashless/digital currency. The more accepted digital (crypto) currencies are, the easier it will be for governments and financial institutions to push their agenda of eliminating physical currency.
Virtual currency has a future, but it may not be what you think. In order for central banks and sovereigns to easily employ digital currency, it must be accepted. Ultimately, central banks and sovereigns must have no digital competition. In the meantime, the crypto-currencies have been left alone so that people will embrace the idea of being cashless. Many people in all segments of the population are already virtually cashless. Payments are made online, by debit/credit cards, bank transfers, etc. No physical money changes hands, only digits on balance sheets are used as payment. As more and more people subscribe to a cashless transaction basis, the easier the it will be for a central bank or sovereign to employ it. The other virtual currencies (so-called “money”) will simply self destruct. Many will turn out to be new Ponzi schemes or be regulated out of existence. The crypto-currencies presently in place are the beta tests for governments and central banks for the cashless future, in which all “money” is virtual, all reportable, all controllable and all accessible to banks and sovereigns, and best of all – regulated by them.
Federal Reserve Full Faith and Guarantee Treasury bills in low denominations with the ability to make change is the future. They will be known as Federal Full Faith money (F3M). Your wallet will be overseen by the banking system and the government when everything we perceive to be “money” is digital. This will not apply to gold which is outside of that system.
In the USA for example, the $100 bill has to be removed from circulation via a turn in for exchange for smaller bill denominations. Can you imagine El Chapo’s posse showing up with tractor trailers full of $100 bills for the exchange? He would also need three times as many tractor trailers to bring back his smaller bills.
We all need to be mindful of what is actually taking place in our currencies and consider carefully if this is what we want. If we don’t want it, we need to not subscribe, or worse, merely accept by our silence. India accepted the government’s removal from circulation the larger denomination of the nation’s physical currency/money. This is a move toward a digital, cashless future. Be aware, that as nations of people around the world, we deserve what we accept.