Review: Suitpossum’s “Cloudmoney” seeks to remind the world of the value of physical cash. It’s true that an overly automated system of money carries risks. But the campaigner underestimates consumer demand for digital transactions, says KarenKKwok
, Scott says, citing data from Wolfie Christl of the Austrian research house Cracked Labs. Big firms can also take seemingly political decisions. For example, Visa and PayPal refused to process donations to the website WikiLeaks.
This transparency can also have benefits, though. Data sharing can help governments track suspicious payments and crack down on tax avoidance. Sweeping sanctions following Russia’s invasion of Ukraine have shown electronic payment networks can be a powerful weapon. Meanwhile, customers are happy to share their data if it helps them get better terms on mortgages and credit cards.
For Scott, then, protecting physical cash payments is a way to preserve our freedom. Indeed, he argues that using notes and coins is “akin to a meditative practice” in a frenetic polarised world. Meanwhile, however, consumers are voting with their digital wallets. The defence of cash looks like a losing battle.- “Cloudmoney: Cash, Cards, Crypto and the War for our Wallets” by Brett Scott was published by Bodley Head on May 19.
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