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War on cash the ‘biggest threat’ to our liberty

THOSE crisp notes in your pocket? They’re not safe. The war on your cash is heating up with the prediction of a “disturbing threat”.

BIG Brother is coming for your wallet.

From expiry dates on $100 notes and cash payment limits to tracking chips, internet snooping and now central bank-issued digital fiat currency, the battle plan for the war on cash is taking shape.

With the federal government’s Black Economy Taskforce set to hand down its final report next month, the head of the corporate watchdog has weighed into the debate with an ominous prediction.

Speaking to the The Australian Financial Review on Monday, ASIC chairman Greg Medcraft predicted traditional bank accounts may be unnecessary within a decade as central banks begin issuing their own Bitcoin-style digital fiat currency.

While central banks already have digital settlement accounts with the financial institutions, Mr Medcraft predicted that those would soon be extended to everyday transaction accounts for the general population.

“With central-bank issued digital currencies, you might not need a bank account anymore,” Mr Medcraft said. A digital fiat currency, while convenient, would also be convenient for the government — able to be taxed, tracked and confiscated at will.

“The disturbing thing, understanding that they would want to join the digital currency milieu, is knowing what a bunch of control freaks they are, I can almost guarantee they will say, ‘Now we’ve got a digital currency, all other digital currencies are illegal,’” said Liberal Democrats Senator David Leyonhjelm.

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