Central Bank Digital Currencies are on the way. Over 80 of central banks are in some stage of development with China leading the charge.
You will bank directly with the central bank, forget about ASB or HSBC, commercial banks will become increasingly irrelevant and may be left to fail as lower interest rates squeeze their margins.
Central banks will be able to monitor all transactions in real time, automate taxes and stimulate where required, but it may come with conditions. Eg the government/central bank may give you $5000 but require you spend it within a month in order to increase consumption and the velocity of money. What this will do to savings no one really knows, especially with even lower interest rates!
Also, because central banks cannot fail and can print their way out of anything, fiscal criteria for loans will not apply. Instead if you want a mortgage or even access to your digital wallet, the likes of the ECB, IMF and WEF are hinting strongly at social criteria-similar to that already in China in the form of social credit.
This will mean that if you violate the state’s moral compass, eg refuse to wear a mask or take the vaccine, you will be denied access to sectors of the economy, travel or your bank account- as the government will essentially hold and own your money. This is how governments will strongly incentivise compliance, they can’t make vaccines mandatory(that would violate medical freedom of choice) however they can make work, travel and even frequenting a restaurant illegal and impossible if you do not comply.
This seems to be the way the “loving”, “kind” socialists will advance their unpopular agenda- via coercion and strong social pressure rather than by evidence and open debate to win hearts and minds with transparent, truthful discourse.
A cashless society will have advantages, such as 2.3 billion saved by not needing a tax collection department. But an efficient government with a penchant for enforcing its own version of morality and no absolute rights for it citizenry is a dangerous one! Even if you agree with the current government, think of what your political opponents will do with this power and infrastructure when they get control…..time to think ahead a few chess moves!