Nanotechnology to track cash movements?
Yes! You read the title correctly. This is not a joke and it's not April Fools today either... in a latest article produced by The Australian Financial Review there have been suggestions as follows:
'Nanotechnologies, which manipulate atoms and molecules, could be used to track the location and use of large numbers of high-denomination notes suspected of being used for cash economy transactions. It would complement strategies to transition to non-cash payments, digital wallets and new payment platforms.'
I would love to see the business case to justify this as in the article ‘Michael Andrew, a former global chairman of KPMG and taskforce chairman, said
"everything from molecular science to global satellites must be considered in battling unlawful economic activity that is equivalent to about 2.5 per cent of gross domestic product..."
What crosses your minds reading this? Please comment below. First thing for me is - can we please perhaps use this money instead to pay for food for starving kids in Africa? Or build homes for kids in India? I agree that technology is beautiful and enriches the world. However to use this level of technology to claim back money that should be 'taxed' seems ludicrous to me. I do not advocate the use of cash for illicit activities. However I think the first thing Governments should be doing is raids on the 'cash only businesses'. They are like ants if you look anywhere you will find them! Takeaway stores are a serial offender.
The article concludes:
"Recommendations being finalised by the federal government’s cash economy taskforce also include using microscopic tracking devices in high-denomination notes, such as $50 and $100, to expose cash economy abuses"
The war on cash is real, this is where cryptos (bitcoin and alt. coins) are great! At the same time just remember there are only two definite in life:
- Death
- Taxes